U.S stock market cautious before G20 meeting, pulled lower by Boeing

The stock market futures pointed lower before the market open as leaders around the world gather in Osaka Japan for G20 meeting. The negative sentiment comes from Boeing (NYSE: BA) after FAA announced findings of new risk in 737 MAX. The company required to make additional fixes on the findings and delay testings at least until 8 July.

President Trump will meet with China’s Xi Jinping to settle the trade war issue. The stock market sentiment will depend on the result of the meeting.

Asian & European Stock market

Asian stock market slightly advances before the G-20 meeting. Japan’s Nikkei up 251.58 points (+1.19%) to 21,338.17, China stock market up 20.51 (+0.69%) to 2,996.79, and Australia ASX 200 up 25.80 points (+0.39%) to 6,666.30. European stock market lower before G-20 meeting. DAX Germany up 0.10%, UK FTSE down 0.35%, Euro STOXX600 down 0.15%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA futures traded down 33 points, indicating bearish open today. The index might not move really much as G-20 meeting loom. Traders are waiting for confirmation whether the trade war between the U.S and China will continue or not. The continuation of a trade war should put DJIA lower to test 26,000. On the other side, if both parties could strike a deal then we should see DJIA challenge all-time high.

Allergan PLC (AGN)

AGN gapped up above the daily SMA 200 which change the outlook to bullish. When the share prices turned lower, traders could enter long positions near the daily SMA 200.

Ross Stores Inc (ROST)

ROST printed higher high and higher low on its daily chart. This means the share prices still in a bullish trend. As long as the share prices continue to print higher high and higher low then ROST expected to continue moving upward. On the lower side, $100.00 is the nearest level to watch for a possible bounce.