US stocks end slightly higher, extending winning streak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Wall Street seesawed around its daily opening all through this Thursday, finally ending the day with small gains for third session in a row.

    Investors stood sidelined ahead of the release of the US Nonfarm Payroll report this Friday, while the positive sentiment was hurt by poor employment and services figures, still suggesting the economic recovery stalled by the end of 2015 and remains unable to pick up.

    The DJIA advanced 44 points to end at 16,943.90, the Nasdaq advanced 4 points to 4,707.42, while the S&P surged by 0.35%, to close the day at 1,993.40.

    DJIA technical outlook

    “From a technical point of view, however, the daily chart shows that the DJIA, despite the tepid advance, closed at its highest since early January, pressuring a bearish 100 SMA, while the technical indicators are turning back north after a limited downward correction, all of which indicating that the benchmark may advance further,” said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the 4 hours chart shows that the index has advanced further beyond a bullish 20 SMA, while the RSI indicator turned higher around 68 and the Momentum indicator turned slightly lower above the 100 level, lacking enough downward strength to suggest a bearish move.”

    Support levels: 16,895 16,811 16,761. Resistance levels: 17,014 17,105 17,174.
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