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US stocks end mostly higher

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    US indexes closed the day mixed around their opening levels, with investors unmotivated ahead of upcoming Central Banks' decisions.

    The ECB will have its economic meeting this week, while the Fed will meet the next one, and as the date looms, investors turn cautious on speculation the FOMC may not be as dovish as lately suspected.

    The Dow advanced 67 points to end at 17,073.95, the Nasdaq shed 0.19% to close at 4,708.25, while the S&P closed at 2,001.76, up by 0.09%.

    DJIA technical view


    “The technical picture for the DJIA keeps favoring the upside, as daily basis, the index closed above its 200 DMA for the first time since early January, the Momentum indicator resumed its advance after a modest decline within bullish territory, whilst the RSI indicator extended further towards overbought readings, and stands now at 67, its highest for the year, supportive of a continued advance,” said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the 20 SMA keeps leading the way higher, offering a strong dynamic support, now around 16,951, while the RSI indicator also heads north near overbought levels, although the Momentum indicator holds flat above its 100 level, showing no certain directional strength.”

    Support levels: 17,002 16,951 16,909. Resistance levels: 17,105 17,174 17,243.
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