2 May 2016
US stocks end higher led by tech stocks
US stocks closed higher on Monday with the recovery led by tech stocks that bounced after last week’s heavy losses. However, Apple’s stocks ended 0.1% lower, posting the eighth straight loss in a row, the longest losing streak since July 1998.
The DJIA rose 117.52 points, or 0.66%, to close at 17,891.16. The S&P 500 gained 16.13 points, or 0.78%, to 2,081.43. The Nasdaq advanced 42.24 points, or 0.88%, to end at 4,817.59.
DJIA technical perspective
The Dow's daily recovery stalled right below the 20 DMA, while in the same chart, the technical indicators have turned slightly higher within bearish territory, presenting for the most a neutral stance. Shorter term, the 4 hours chart shows that the index is now above a still bearish 20 SMA, while the technical indicators bounced from oversold levels but remain below their mid-lines, suggesting the risk is still towards the downside, particularly if the benchmark is unable to advance beyond Monday's intraday high of 17,912.
Support levels: 17,849 17,791 17,752. Resistance levels: 17,912 17,993 18,068.
The DJIA rose 117.52 points, or 0.66%, to close at 17,891.16. The S&P 500 gained 16.13 points, or 0.78%, to 2,081.43. The Nasdaq advanced 42.24 points, or 0.88%, to end at 4,817.59.
DJIA technical perspective
The Dow's daily recovery stalled right below the 20 DMA, while in the same chart, the technical indicators have turned slightly higher within bearish territory, presenting for the most a neutral stance. Shorter term, the 4 hours chart shows that the index is now above a still bearish 20 SMA, while the technical indicators bounced from oversold levels but remain below their mid-lines, suggesting the risk is still towards the downside, particularly if the benchmark is unable to advance beyond Monday's intraday high of 17,912.
Support levels: 17,849 17,791 17,752. Resistance levels: 17,912 17,993 18,068.