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25 Apr 2016
US stocks edge lower, eyes on Fed decision
US stocks finished lower on Monday, although away from session lows, following a round of unimpressive earnings as investors await the conclusion of Fed’s policy meeting on Wednesday.
The Dow Jones Industrial Average fell 26.51 points, or 0.15%, to 17,977.24. The S&P 500 dropped 3.79 points, or 0.18%, to 2,087.79. The Nasdaq Composite lost 10.44 points, or 0.21%, to 4,895.79.
Dow technical perspective
“The DJIA fell as low as 17,850 before trimming most of its daily losses, and the daily chart shows that the intraday decline stalled above a still bullish 20 SMA, currently around 17,818, whilst the technical indicators consolidate within positive territory, lacking clear directional strength,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the late recovery has helped the technical indicators to bounce sharply from oversold levels, but have halted the recovery around their mid-lines, whilst the 20 SMA maintains a tepid bearish slope, capping the upside in the short term at 18,008.”
Support levels: 17,919 17,826 17,748. Resistance levels: 18,008 18,094 18,165.
The Dow Jones Industrial Average fell 26.51 points, or 0.15%, to 17,977.24. The S&P 500 dropped 3.79 points, or 0.18%, to 2,087.79. The Nasdaq Composite lost 10.44 points, or 0.21%, to 4,895.79.
Dow technical perspective
“The DJIA fell as low as 17,850 before trimming most of its daily losses, and the daily chart shows that the intraday decline stalled above a still bullish 20 SMA, currently around 17,818, whilst the technical indicators consolidate within positive territory, lacking clear directional strength,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the late recovery has helped the technical indicators to bounce sharply from oversold levels, but have halted the recovery around their mid-lines, whilst the 20 SMA maintains a tepid bearish slope, capping the upside in the short term at 18,008.”
Support levels: 17,919 17,826 17,748. Resistance levels: 18,008 18,094 18,165.