Wall Street back in the green, Tech stocks were stealing the show
- US stocks on Wall Street have firmed on Tuesday given the Chinese authorities intervening with stimulus measures to try and avoid a catastrophe in the economy, of which global markets were fearing could transpire into a worldwide slowdown.
The S&P 500 SPX climbed 1.1% to finish around 2,610 while the Dow Jones Industrial Average DJIA, added 155 points, or 0.6%, to 24,065 and the Nasdaq Composite COMP, added 1.7% to finish near 7,024, ending above its 50-day moving average for the first time since early October. Tech stocks were stealing the show, (Netflix Inc. NFLX, +6.52% after the video-streaming firm said it would raise prices for U.S. subscribers), but the S&P 500 was also showing an impressive statistic, closing above 2,600 for the first time since Dec. 14th. As for the top three performers of the DJIA, UnitedHealth Group Inc, ended higher by +8.81 or by + 3.55%, followed by Microsoft Corp +2.96 or by +2.90% and then Nike Inc +1.79, or by +2.35%.
- Support levels: 23867 23770 23627
- Resistance levels: 24108 24251 24828
Technically, the daily hanging man did not play out and instead the 50% Fibo retracement Fibo of Dec's decline at 23765 comes into view as fundamentals take over again. Both daily MACD and RSI continue to drift higher although a break and close below S1 located at 23770 will bring focus to the 38.2% Fibo retracement again and attention on the downside, located at 23595.