FXStreet (Córdoba) – Wall Street closed in the red after quite a choppy session. The Dow Jones Industrial Average lost 50 points and closed the day at 17,081.89, whilst the Nasdaq gave back 42 points and the S&P lost 0.68%.
The indexes opened lower amid weak China trade data, but bounced back to post some slight intraday gains as investors continue looking ahead to major earning reports this week.
DJIA technical perspective
“Oil prices late decline however, sent shares back lower, and the DJIA daily chart shows that the 100 DMA continued to cap the upside with a strong bearish slope, whilst the technical indicators are barely retreating from oversold levels”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators extended their declines and are about to cross their mid-lines towards the downside, whilst the index is now below its 20 SMA that lost its bullish strength, all of which supports a continued decline for this Wednesday. The daily low was established at 17,013 and is now the support to break to confirm the bearish continuation, towards the 16,850 region”.
(Market News Provided by FXstreet)