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US stocks post small gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    US stocks struggled to maintain the upward momentum, trading in the red for most of the day to finally close with small gains. Equities were unable to rally despite strong ADP employment figures, as investors entered in cautious mode ahead of the upcoming nonfarm payrolls report next Friday.

    The DJIA closed the day up by 34 points, or 0.20%, at 16,899.73, the Nasdaq advanced 13 points, or 0.3%, to 4,703.42, while the S&P added 8 points, or 0.41%, to 1,986.45.

    DJIA technical view

    “Technically, the DJIA daily chart shows that the index extended its advance further, maintaining the positive tone given that it posted a higher high and a higher low, but still unable to surpass the 100 and 200 SMAs, both with mild negative slopes above the current level. In the same chart, the technical indicators have lost upward strength, but are not yet turning south, holding well above their mid-lines, also in line with additional gains,” said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the 20 SMA has accelerated its advance above the largest moving averages, while the index is well above it, and the technical indicators consolidate within positive territory, in line with the longer term outlook, and despite the current lack of directional strength.”

    Support levels: 16,811 16,761 16,680. Resistance levels: 16,922 17,014 17,105.
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