Daily US Stock market Technical Analysis January 12, 2017

Wallstreet prepared for a dump

Asian market and European market is the first to suffer from the setback after the previous day press conference by President Trump. The press conference mostly used to deny media attack on Russia election hacking help issue. Aside from the clarification, President Trump also mentions the handover of his business to his sons. The hand-over will not be accompanied by divestment, but the company will not make any investment during President Trump in office.

Pharma stock and health sector suffer the heaviest setback with new aim by President Trump toward high price. Today, The Fed Chief, Yellen will make a speech which will indicate more confirmation on The Fed plan this year.

Technical Analysis

Dow Jones Industrial Averages (INDU)

Dow Jones Industrial Averages futures pointed lower with 60 points loss, and the future index indicates correction ongoing and the market will wait for Yellen speech today to determine direction.

Blackrock Inc (BLK)

The price of BLK return near its daily SMA 50, there is bullish pin bar formed. Although it is a weak pin bar, the location is ideal with the re-test of trendline range. Will the price continue its upward movement from current level?

AT&T (T)

Bullish opportunity in T, the price return to its cluster of averages and also the flip level $40. Will the price continue its bullish movement and bounce from the cluster of support?

Other Watchlist

JNJ – bearish candlestick from daily SMA 200, worth to watch as it formed after President Trump press conference

LLY – bearish engulfing pattern after the stock filled the gap and also from its daily SMA 200 is not a good sign for the bull.

TIF – bullish engulfing pattern, not a strong one but traders can monitor how price move after the pattern.


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