Daily US Stock market Technical Analysis January 6, 2017

Mix performance before job data

Asian market was drifting in mix performance. Nikkei down 0.34%, Shang Hai Composite down 0.35%, and Australia ASX 200 up 0.04%. The European indices painted the market with red color as UK FTSE down 0.04%, DAX Germany down 0.16%, and Euro STOXX 600 down 0.31%.

U.S market futures also indicate lower open with Dow Jones Industrial Averages futures down 9 points before market open. The market will observe Non-Farm Employment data which estimated to show 175k additional job with 4.7% unemployment.

Technical Analysis

Dow Jones Industrial Averages (INDU)

Dow Jones Industrial Averages continue to stay at the top, the index slide down in the initial session of the previous trading session. Fortunately, in the middle of the trading session, the index started recovery and erase most of its losses at the end of trading day.

Today, the index might move wildly after the job data, and traders need to wait whether the market will bring the index up toward 20,000 or take a correction.

Starbucks Corp (SBUX)

The share of Starbucks already suffers from prolong bearish trend. The price reversed its prevailing trend and breakout above the daily SMA 200. Currently, the price returns to the averages and confirmed a successful re-test. The price might continue its bounce and moving upward in several days.

The Travelers Companies (TRV)

The bear already waits for the price to reverse from the upper channel. The reverse happened and put the price lower sharply. If the price formed bullish formation near the daily SMA 200, then the bull will have a chance to place more long position.

Other Watchlist

BIDU – the price poked above its daily SMA 200, look for re-test of averages.

XOM – Break lower below $90, the price is near the previous consolidation area and also the cluster of averages. Short-term SMA has yet to make a break above the SMA 200.

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