US futures follow global stocks down

By FXStreet FXStreet (Córdoba) – US banks were closed this Monday, alongside with all of the major indexes, in observance of Martin Luther King day in the US. The latest registered close in the DJIA was at 15,988.08, having shed over 1500 points ever since January started, posting the worst start of the year since the Great Depression.

The decline was purely led by sentiment, driven by mounting concerns over the situation in China and the constant bleeding in oil prices. US futures slipped, following their Asian and European counterparts, and ahead of some quite relevant earnings reports this Tuesday, including Netflix.

DJIA technical view

“The daily chart for the DJIA shows that an intraday advance was quickly erased, leaving the index around Friday’s close and with the technical picture being still bearish, as in the 4 hours chart, the index held below a bearish 20 SMA, while the Momentum indicator heads south after failing to overcome its mid-line, and the RSI indicator consolidates near oversold readings”, said Valeria Bednarik, chief analyst FXStreet. “The 20 SMA in this last time frame has extended its decline and now provides a strong resistance around the daily high of 16,133, the level to overcome to …read more

Source:: FX Street