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Wall Street ends the day mixed on conflicting geopolitical sentiment

  • The S&P 500 SPX, -0.02% is mostly unchanged at 2,650.
  • The Nasdaq Composite COMP, -0.39% ended lower by 0.4% at 7,070.
  • The Dow Jones Industrial Average, (DJIA), added 69 points, or 0.3%, to settle near 24,597.

Wall Street was a mixed bag of tricks with the benchmarks flipping from gains to losses in a choppy session due to conflicting sentiment and headlines surrounding Sino/US trade relations and progress towards a deal before the 1st March cut off. The Dow Jones Industrial Average, (DJIA), added 69 points, or 0.3%, to settle near 24,597, based on preliminary numbers while the lack of clarity left the index in negative territory and below the 23.6% retracement Fibo of the October rout. US stocks kick-started the session off on a positive note following a bullish performance in Asia due to U.K. Prime Minister Theresa May surviving a vote of no-confidence while Sino/US trade negotiations seemed to be on the right path.

On the back of President Donald Trump assuring observers that talks have been progressing, the DJIA opened up 0.2%. However, news that China had arrested a second Canadian national in apparent retaliation for Meng’s arrest soured the market's mood. There were also wires that Trump’s aids were warning the president that his authority to intervene in the affair is limited.

Best and worst of the DJIA

As for performers, Procter & Gamble Co last traded at 96.48, adding +2.45 points or 2.61% while Mc Donald's Corp last sold at 186.40, adding +2.92 points or 1.59%. Merck & Co. Inc. closed at 78.98 adding +0.97 points or 1.24%. Nike Inc closed at72.93, losing -1.39 points, down by -1.87%. Dowdupont Inc fell to 53.78, losing -0.57 points or -1.05%, while American Express Co last traded at 106.64, dropping -0.84 points or-0.78%. 

DJIA levels

  • Support levels: 24355 224104 23866
  • Resistance levels: 24843 25081 25332

The index is smothered below the key 38.2% and 23.6% Fibos of the recent rout. The daily and 4hr RSIs show no bias one way or the other while price travels sideways. Bears are pouncing on rallies which are leaving long upper shadows on that series of three daily closes. Bulls need to stay above the 21-D SMA at 24511 or risk a drop to the 24000 psychological level. 


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