Wallstreet setting up for consolidation
The major 20,000 mark already near to grab, but the price was just flirting below it and showing a hard time. The market in Asian session performed in a sluggish manner with the Nikkei down 0.79%, Shang Hai Composite down 0.29%, and Australian ASX 200 down 0.80%. Meanwhile, European session mostly positive with FTSE, DAX and Euro STOXX 600 all moving up.
There is no major news release today which is no catalyst for big movement in the market. One interesting news to note is from technology sector where Yahoo will change its name to Altaba and its current CEO Marissa Mayer will leave the board of director. The decision comes after the company ready to finalize its sale of approximately $4.8 billion to Verizon.
Dow Jones Industrial Averages (INDU)
Dow Jones Industrial Averages stuck within 19,718 – 19,999 range and looks to continue its ranging movement until the announcement from President Trump. Nothing new in the index and traders should wait and see or only buy at the lowest price of the range.
MPLX LP (MPLX)
A break above resistance of $34 – $35 in MPLX confirmed the switch to the bullish trend. Fortunately, the price decides to move down before upward continuation. Traders could observe the $34 – $35 area for a long opportunity.
Ross Stores Inc (ROST)
Another textbook trade where a break and bounce happened in ROST. If the price manages to maintain its position above its previous consolidation area, then we will see ROST continue its bullish movement.
VZ – possible price correction toward the daily SMA 200.
IBN – the share price is hovering near its daily SMA 200.
WPX – Traders can observe price reaction toward the nearest averages.