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US stocks end lower after Yellen keeps December on the table

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - Wall Street turned lower this Wednesday, and closed in the red after Fed's Yellen said that a rate hike in December is possible, but still data dependant, in its testimony on bank regulations before the House Financial Services Committee in Washington.

    After a positive start, the Dow Jones Industrial Average closed the day down at 17,858.82, 0.33% lower. The Nasdaq and the S&P also closed in the red, but with minor losses, down 2 and 7 points respectively.

    DJIA technical perspective

    “Despite the daily decline, the DJIA remains near its recent highs, having held above Tuesday low. Technically and according to the daily chart, the positive tone seen on previous updates prevails, as the index is well above its moving averages, whilst the technical indicators have lost their upward strength, but hold flat near overbought levels”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that index holds a few points above a mild bullish 20 SMA, but the technical indicators turned lower and are approaching their mid-lines, increasing the risk of further declines for this Thursday”.

    Bednarik sees next support levels at 17,830, 17,767 and 17,710, while she places resistances at 17,979, 18,060 and 18,128.
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