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US stocks turn lower before the close

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Wall Street wobbled within gains and losses for most of Monday, but finally tuned into the red a couple of hours ahead of the close.

    The Dow Jones Industrial Average closed the day down by 123 points at 16,516.50, the Nasdaq shed 0.71% to end at 4,557.95, and the S&P lost 15 points to 1,932.23.

    For the S&P and the Nasdaq, is the third straight month of declines. Increasing uncertainty over economic growth sent investors away from stocks, and not even the recovery in oil was enough to support the US market.

    DJIA technical perspective


    “The DJIA, in its daily chart, is gaining bearish tone, as the technical indicators turned south from near overbought levels reached last Friday, although they are still far from suggesting a more sustainable decline in time,” said Valeria Bednarik, chief analyst at FXStreet. “In the same chart, the 20 SMA continues to head slightly higher well below the current level, indicating a limited bearish potential at the time being. Shorter term, the 4 hours chart supports some further slides, as the index broke below its 20 SMA in the US session, while the technical indicators are entering bearish territory”.

    Support levels: 16,494 16,423 16,348 Resistance levels: 16,570 16,828 16,910.
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