Correction is due
Correction is due, but the market might not take it seriously at this height. Analysts have split view on the stock market, some optimistic this is the start of the bull market, but others blaming President Trump and think this rally will be short-lived.
Following the situation where The Fed decide to increase the interest rate, and the trend of privatization, the short term trend of the stock market might continue upward. However, the shift of sentiment might happen in the second half of this year where the market might start to tank after consecutive interest rate increase.
The stock market in Asia mixed with Nikkei and Shang Hai Composite down, while Australia ASX 200 up. Continue to European stock market, most of the major indices sat in the positive region. European countries are choosing their leaders, and political influence might continue on a significant note for the stock market.
Dow Jones Industrial Averages (INDU)
Dow Jones Industrial Averages ready to make another attempt higher, but the index might lose the momentum and retrace deeper. If the index
First Horizon National Corp (FHN)
Possible flag pattern on the making on the FHN daily chart. The price is in consolidation lower inside channel and ready to burst upside if the pattern triggered.
Five Below Inc (FIVE)
FIVE is under pressure, and the price keeps getting lower. Currently, it supported at $37.50 and formed triangle formation. A breakout could happen either side, but judging from the pattern it commonly moves lower as support consumed each day slowly.
CLF – look for higher move above daily SMA 50 and $10