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US stocks end higher

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - US stocks ended with decent gains Tuesday after a volatile session which saw wild intraday swings as oil moves continued to dominate sentiment.

    The DJIA gained 117.93 points, or 0.72%, to 16,516.50. The S&P 500 rose 15.01 points, or 0.78%, to 1,938.68. The Nasdaq advanced 47.93 points, or 1.03%, to 4.685.92.

    Despite China's stocks closed with limited gains, tempering the risk aversion mood, investors had enough to worry about with oil, as WTI futures fell briefly below $30,00 a barrel before settling a few cents above the level, reaching their lowest level in over a decade.

    DJIA technical perspective

    “The Dow daily chart shows that the index has managed to close above Monday's high, but that the index is still far below its moving averages, whilst the technical indicators are barely correcting oversold readings”, said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the 4 hours chart supports some further advances on a break above the daily high of 16,586, given that the index is holding and extending above a horizontal 20 SMA, while the Momentum indicator heads higher above its 100 level and the RSI indicator also advances, but around 48, still lacking bullish conviction”.

    Support levels: 16,409 16,335 16,252. Resistance levels: 16,586 16,655 16,737.
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