Wall Street edged sharply higher, with the DJIA closing the day 293 points higher at 16,351.38, ending a 3-day losing streak. There was no clear catalyst behind the rebound, but the limited slide in Chinese stocks may have encouraged US investors to buy back at lower levels.
The intraday recovery was enough to reverse the technical bearish tone of the index, as the daily chart shows that the 20 SMA maintains its strong bearish slope well above the current level, whilst the technical indicators are once again bouncing from oversold levels, but below previous highs and well into the red. If you are looking for binary options signals then you gotta visit fxbinarypoint forum.
In the 4 hours chart, the index is currently pressuring a bearish 20 SMA, whilst the technical indicators aim higher, but still below their mid-lines, pointing for some further intraday gains on an advance above 16,446, a strong static resistance level.
Support levels: 16,310 16,204 16,072
Resistance levels: 16,391 16,446 16,526