US stocks turn around and end mostly higher

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - Wall Street was in a roller-coaster ride this Wednesday, with the DJIA posting a triple digit decline before turning around during the last hours, being up 250 points at one stage, as an 8% gain in WTI futures, led energy and commodities sectors higher. Tech giants Google, Yahoo, Amazon all fell by 4% or more.

    The DJIA closed 183.12 points, or 1.13%, higher at 16,336.66. The S&P 500 ended up by 9.50 points, or 0.50%, at 1,912.53. The Nasdaq fell 12.71 points, or 0.28% to 4,504.24.

    DJIA technical view

    “Despite a long wick below it, the daily candle shows that the index has opened and closed the day above its 20 SMA, a major intraday support around 16,133, while the technical indicators have bounced from their mid-lines, maintaining bullish slopes, but with limited upward strength”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the index is barely above a horizontal 20 SMA, but the technical indicators have lost upward strength around their mid-lines, and are currently turning south, not yet confirming a short term bearish continuation”.

    Support levels: 16,262 16,205 16,133. Resistance levels: 16,378 16,454 16,510.
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