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US stocks extend losses into third session

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - US stocks closed with losses for third straight session on Wednesday, having taken a negative turnaround following a positive opening.

    The Dow Jones Industrial Average fell 75.36 points, or 0.43%, to 17,492.64. The S&P 500 dropped 15.95 points, or 0.77%, to 2,047.64. The Nasdaq Composite was the worst performer, shedding 75.38 points, or 1.48%, to 5,022.87.

    Stocks opened with a positive tone, following an early bounce in oil prices, but finally capitulate to an overall negative sentiment towards stocks.

    DJIA technical view

    “The DJIA daily chart shows that the index extended its decline towards its 200 DMA, but it hasn't yet confirmed a break below it. Nevertheless, the technical indicators present strong bearish slopes below their mid-lines, and having reached fresh monthly lows, in line with further declines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the index fell sharply after failing to overcome its moving averages that anyway remain in a tight range and lack clear directional strength, whilst the technical indicators aim slightly higher in negative territory rather reflecting the latest bounce than suggesting an upcoming bullish movement.”

    Support levels: 17,397 17,326 17,266. Resistance levels: 17,592 17,648 17,710.

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