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    US stocks extend recovery amid hopes of further monetary stimulus Ani Salama

    US stocks extended gains into a third consecutive session on Thursday, supported by prospects of more monetary stimulus from major central banks after BoE Carney hinted at a summer rate cut.The Dow Jones Industrial Average rose 235.31 points, or 1.33%, to 17,929.99. The S&P 500 gained 28.09 points, or 1.36%, to 2,098.86, within 20 points of its pre-vote highs. The Nasdaq Composite climbed 63.43 points, or 1.33%, to 4,842.67.All three indexes were within less than 100 points from pre-Brexit highs and both the S&P and Dow turned back positive for the year, while the Nasdaq remained in the red.DJIA technical view“The Dow's daily chart presents a clear upward potential, given that the technical indicators are now heading north above their mid-lines, whilst the index has extended its recovery beyond all of its moving averages,” said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, and according to the 4 hours chart, the upside is also favored, as the 20 SMA turned sharply higher far below the current level, whilst the index has also overcome its 100 and 200 SMAs. In this last time frame, the technical indicators have turned flat within extreme overbought levels, but given that the benchmark keeps pressuring the highs, chances of a downward corrective movement during the upcoming hours seem limited.”Support levels: 17,865 17,791 17,700. Resistance levels: 17,938 18,051 18,118.


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