US stocks rise sharply

By FXStreet Wall Street was boosted by market’s optimism, which sent the DJIA and the S&P to fresh year-to-date highs.

The Dow added 187 points to close at 17,908.28, while the Nasdaq advanced 1.55% to end at 4,947.42 and the S&P added 20 point to 2,082.42.

Better-than-expected results from J.P. Morgan Chase & Co., fueled the advance, as the bank added 4.2% after reporting a $1.35 earn per share, beating the average estimate of $1.26. Total revenue fell by 3.0% to $24.08 billion, but beat the average estimate of $23.40 billion.

DJIA technical perspective

“Steady around the close, the DJIA daily chart presents a clear bullish tone, as the technical indicators present neat bullish slopes within positive territory, as the index rallied further above its 20 SMA,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators maintain strong upward slopes, despite being in overbought territory, whilst the 20 SMA turned higher and recovered above its 100 SMA, with the shortest now around 17,675.”

Support levels: 17,874 17,814 17,723. Resistance levels: 17,935 18,010 18,095.
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Source:: FX Street