Green Monday for U.S stock market
The stock market ready to open higher on Monday as Dow Jones Industrial Averages futures up 60 points before market open. The upward movement will not join by Casino stock in the wake of mass shooting at Mandalay Bay property in Las Vegas. At least 50 people dead and 200 injured in Sunday night shooting.
The market will focus on ISM manufacturing PMI after the open. Data expected to come out at 57.9. Meanwhile, Asian stock market and European stock market booked gain today. Nikkei up 44.50 points (+0.22%) to 20,400.78, Australia ASX 200 up 47.72 points (+0.84%) to 5,729.33. China is on holiday this week until Friday.
In Europe, DAX Germany, FTSE UK, and Euro STOXX 600 up 0.26%, 0.52%, and 0.26% respectively.
Technical Analysis
Dow Jones Industrial Average (INDU)
The upward movement of Dow Jones Industrial Averages sees no end yet following the strong gains in Asian and European stock market today. It is possible for the index to print new record high this week.
American Tower Corp (AMT)
AMT has fallen nearly 10% from its top $148.71. Currently, the share prices hovering near its daily SMA 100 and there is an initial bullish reaction. Traders could place long position with a stop below Friday low. The initial target for upward movement is the daily SMA 50.
Eaton Corp (ETN)
ETN is given up the daily SMA 200 in the previous test, but manage to move past the averages again. The share price is testing the daily SMA 100 and formed a bullish candlestick which confirms a bounce. Traders could look for the long position above Friday high with a stop below the low.
Other Watchlist
XOM, ATW – The share prices hit daily SMA 200, and there is no reaction yet. There is the possibility of rejection downward from the averages.
MRK – Initial reaction from a cluster of daily averages. Possible upward movement.
PM – Approaching its daily SMA 200, possible upward bounce after the test.