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Wall Street closes in a sea of red, Chinese data kicking up concerns

  • The Dow Jones Industrial Average, DJIA, fell from 73 points, or 03%, to 23,915 on Monday, snapping six day's of positive closes.
  • The S&P 500 index SPX, fell 12 points, or 0.5%, to 2,584.
  • The Nasdaq Composite Index slipped 50 points, or by 0.7%, to 6,922. 

Wall Street was a sea of red due to investor concerns over global growth following the disappointing Chinese trade balance and European industrial output data. There was a lso a focus on the new earnings cycle that kicked off on Monday with Citigroup Inc. reporting its quarterly results falling below estimates on revenues. 

We now await JPMorgan Chase & Co. JPM, Wells Fargo & Co. WFC, BlackRock Inc. BLK, Goldman Sachs Group Inc. GS, and Netflix Inc. NFLX are a number of the majors that will report this week. Investors are jittery ahead of the start of the fourth-quarter earnings reporting season after a high- profile warning from Apple Inc that recently sent stocks off a cliff. 

Best and worst

Meanwhile, the top three performers were JPMorgan Chase & Co, +1.03 or +1.03%, Goldman Sachs Group Inc, +1.79 or +1.01% and United Technologies Corp, +0.90 +0.82%. The worst three were Merck & Co. Inc., -1.53 and -2.04% while Apple Inc lost -2.29 or -1.50% and Walgreens Boots Alliance Inc, -1.06 or -1.48%.

DJIA levels

  • Support levels: 23851 23712 23627 
  • Resistance levels: 24074 24159 24298

Technically, the daily hanging man has started to play out and should be a warning to bulls looking for a correction back to the upside. However, a continuation of the bullish corrective trend can target the 50% retracement Fibo of Dec's decline at 23765. Both daily MACD and RSI continue to drift higher although a break and close below S1 located at 23851 will bring focus to the 38.2% Fibo retracement again and attention o the downside. 

 

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