US stocks end lower after three days of gains

By FXStreet After wavering between small gains and losses ever since the opening, Wall Street closed in the red, snapping a 3-day winning streak. Despite the telecom and utilities sectors rose, the slump in oil prices weighed on the commodity sector, and on investors’ mood.

The DJIA posted a modest decline of 0.25% to end at 16,413.43, the Nasdaq lost 46 points, or 1.03%, at 4,487.54, while the S&P closed at 1,917.83, down by 0.47%.

DJIA technical view

“The DJIA closed the day near its daily low of 16,386, having set a higher low and a higher high of 16,546, but in the daily chart, the technical picture is far from suggesting a sharper decline, given that the index remains well above its 20 SMA, while the technical indicators have partially lost upward steam, but hold above their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the 4 hours chart shows that the 20 SMA has crossed above the 100 and 200 SMAs, whilst the Momentum indicator maintains its bullish slope well above its 100 level. In the same chart, the RSI indicator has retreated from overbought levels, but stands around 62, all of which maintains the downside …read more

Source:: FX Street