Wall Street ended on a positive note, earnings and Beige Book bring optimism

•  The Dow Jones Industrial Average, DJIA, climbed 182 points, or 0.8%, to 24,248.
• S&P 500 index added 11 points, or 0.4%, to 2,621. 
• The Nasdaq Composite Index put on 20 points, 0.3%, to stay above the 7000 mark and 50-D SMA, closing at  7,043.  

Wall Street ended on a positive note o Wednesday, as investors cheered the optimism in a promising start to earnings season and a risk-on supportive backdrop in the Beige Book which showed eight out 12 Federal Reserve districts reporting modes to moderate growth. 

The stand out performers were Goldman Sachs Group Inc. GS, -0.01% and the Bank of America Corp. BAC, +0.04% due to their fourth quarter results.  GS produced earnings and profits that topped expectations on the back of healthy mergers and acquisitions while BAC' reflected healthy demand for loans even as interest rates rose, are also bolstering market sentiment. Across the pond, Brexit nerves were eased, for the time being, as PM May won the no-confidence vote tabled by the opposition party when May lose the vote on her Brexit deal, as widely expected. 

DJIA levels

• Support levels: 24006 23913 23761
• Resistance levels: 24250 24402 24786

Technically, the price has broken free of a bearish consolidation phase and is now taking on the 50-D SMA located at 24197 while firmly placed on a northerly trajectory towards the 50% Fibo retracement Fibo of Dec's decline at 24239. Both daily MACD and RSI continue to drift higher on the daily outlook but this will be a tough nut to crack considering the confluence of Oct-Dec lows, Fibo and 50-D SMA. On the downside, the focus stays on the 38.2% Fibo retracement located at 23595.