Daily US Stock market Technical Analysis January 9, 2017

Wallstreet ready to blow 20,000 in DJIA

Dow Jones Industrial Averages has been under intense topic as it is extremely near to breach 20,000. Last week the index touched 19,999.63 which is 0.37 points below the 20,000 handle. The index still waits for the brave bull to buy 20,000 either to finish the bullish cycle or continue the rally under short squeeze above 20,000.

Hacking in the election also one of the big topic discussed by the market. More and more key people suspect Trump winning caused by Russian help in hacking. The issue might put threat toward the election result, and also derail the trust in Trumponomic.

Despite all news, the market will focus on Yellen speech this Thursday.

Technical Analysis

Dow Jones Industrial Averages (INDU)

20,000 is just less than half point, should be not a problem for the bull. Today we might see a test of 20,000 and possibly a blown out resistance level.

Illinois Tool (ITW)

The share of ITW retraces lower after it prints a higher high at $127.99. The price once again moving near its main bullish trendline, there are high odds the bull will try to bring the price upward. However, a breach lower than the trendline and also its daily SMA 100, will open scenario toward the daily SMA 200.

Whole Foods Mkt (WFM)

WFM is located at the intersection, and the price has a cluster of averages as the support level, also the $30 flip level where price turn into support or resistance. On the upside, there is a bearish trendline which violated and might break in another test. Bull traders have an opportunity to collect the share at a cheap level near $30 with a low risk below $27.80.

Other Watchlist

MMM – bullish pin bar formed at daily chart near the SMA 100. Possible bullish continuation.

MCD – bullish engulfing pattern closed above daily SMA 200.

ACN – bullish pattern close back above its daily SMA 200 if the pattern confirmed it would continue upward.

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