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US stocks extend losses

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - US indexes edged sharply lower on Monday, with the Dow Jones Industrial Average closing the day 178 points lower at 17,731.62 amid lingering concerns over global growth. China's trade balance figures released over the weekend showed a strong decline in imports for a fourth straight month, indicating the second largest world's economy continues in the negative path, whilst the Organization for Economic Cooperation and Development (OECD) released a downwardly revised 2015 global growth forecast.

    The DJIA erased most of the gains achieved last week, also weighed by renewed speculation the FED will raise its rates next December.

    DJIA technical view

    "The daily chart shows that the technical indicators head sharply lower from oversold territory, with the Momentum indicator approaching its 100 level, supporting further declines. In the same chart, the index holds above its 20 SMA, currently at 17,626 the immediate support", said Valeria Bednarik, chief analyst at FXStreet. "In the shorter term, the 4 hours chart shows that the index has extended below its 20 SMA, while the Momentum indicator aims slightly lower below its 100 level and the RSI indicator aims slightly higher from near oversold levels. Despite the lack of bearish momentum in the short term, the downside is favored on a break below the mentioned 17,626 level".

    Support levels: 17,626 17,544 17,485 Resistance levels: 17,785 17,862 17,979
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