US stocks advance sharply, S&P turns positive for the year

By FXStreet FXStreet (Córdoba) – US stocks rose sharply on Tuesday, with the DJIA posting triple-digit gains and the S&P turning positive year-to-date, helped by sharp recovery in oil prices.

The Dow Jones Industrial Average rose 192.71 points, or 1.10%, to 17,720. The S&P 500 climbed 21.86 points, or 1.06%, to 2,078. The S&P moved into positive territory for the year. The Nasdaq Composite gained 66.95 points, or 1.33%, to 5,107.

DJIA technical view

“The technical picture for the Dow continues favoring the upside, as in the daily chart, the index advanced further above its moving averages, whilst the technical indicators maintain their strong bullish slopes above their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the 4 hours chart also favors the upside, although the index has lost upward momentum before the close amid reduced market volumes. Nevertheless, the index is well above a bullish 20 SMA, while the RSI hovers around overbought territory, supporting some consolidation ahead, before a new directional move.”

Support levels: 17,667 17,602 17,536. Resistance levels: 17,745 17,814 17,863.
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Source:: FX Street