Daily US Stock market Technical Analysis March 16, 2017

Rally in stock market to continue

The Fed decide an increase of 25 bps in interest-rate which is expected and stay firm on Last year plan to increase interest rate three times this year. DJIA move up triple digit previous day and moving near 21,000 handles. Asian stock market and European stock market mostly up today trailing the gain in U.S stock market indices.

Crude oil and precious metals also join the rally though with different underlying reason. There might be broken correlation between U.S dollar and commodities which will show in the future. UK MPC ready to deliver rate decision today on 08.00 AM which the market should take account.

Technical Analysis

Dow Jones Industrial Averages (INDU)

Bullish close in the Dow Jones Industrial Averages put out a scenario where the index might breach 21,000 and move higher soon. Today, traders could expect more upside in the index.

AmerisourceBergen (ABC)

Bullish close in the Dow Jones Industrial Averages put out a scenario where the index might breach 21,000 and move higher soon. Today, traders could expect more upside in the index.

Other Watchlist

 

IBM – the price is testing $175 support level,  might bounce toward $182.79 high.

FCX – first bullish sign from the daily SMA 200, might continue higher but limited as the fundamental issue still play a major part in FCX trend.

SLB – Back above the long-term channel, but it needs to surpass daily SMA 200 to return to bullish trend.

YUM – Undergo test of daily SMA 200, look for bullish formation before placing long position.

DAL – Stronger confirmation by the formation of the bullish engulfing pattern. If the price move higher above previous day high, traders could place long position.

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