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US stocks end sharply higher

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - US stocks ended the session with gains, supported by energy shares despite risk aversion dominated the first half of the day.

    The Dow Jones Industrial Average advanced 237 points or 1.38% and closed the day at 17,482.61, snapping a 3-day losing streak. The Nasdaq advanced 1.15% while the S&P added 1.49% on Monday, erasing most of last Friday's losses.

    DJIA technical perspective

    “As for the DJIA technical point, the daily chart shows that the intraday recovery stalled a few points below the 200 DMA, today at 17,500, whilst the technical indicators have bounced sharply from near oversold levels, but hold below their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the Momentum indicator heads higher, but still below its 100 level, whilst the RSI indicator also aims higher around 50, as the index advances above a mild bearish 20 SMA, all of which suggest that further gains are required to confirm a steadier advance. Investors will be watching the mentioned 200 DMA, and a break above it will likely be the trigger for an upward continuation this Tuesday”.

    Support levels: 17,405 17,335 17,240. Resistance levels: 17,500 17,570 17,662.
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