Goldman Sachs and Johnson & Johnson to lead the market up

U.S stock market ready to open higher today as the DJIA futures up 32 points before the market open. The market attention will be focused on the earnings season kick-off. Today, Goldman Sachs (NYSE: GS) and Johnson & Johnson (NYSE: JNJ) beat analysts expectation. GS up 1.5% in the pre-market and JNJ rise 0.5%.

On economic data, U.S retail sales and core retail sales up 0.4% vs. 0.1% expectation. The Fed Jerome Powell and Charles Evans scheduled to give a speech today.

Asian & European Stock market

Asian stock market mostly lower. Japan’s Nikkei down 150.65 points (-0.69%) to 21,535.25, China stock market down 4.57 (-0.16%) to 2,937.62, and Australia ASX 200 down 12.00 points (-0.18%) to 6,641.00. European stock turns higher. DAX Germany up 0.29%, UK FTSE up 0.48%, Euro STOXX600 up 0.27%.

Technical Analysis

Dow Jones Industrial Average (INDU)

No stop yet to the bullish run of DJIA. The index continues to print new all-time highs each day. It is better to stay sideline for now in the equity and wait until pullback happens before looking for long positions. Same as the previous analysis, when DJIA hit 27,000 traders could consider long positions.

Intel Corp (INTC)

INTC share prices returned above daily SMA 200 and proceed higher toward the SMA 100. At the current time, there is no bearish reaction. If the share prices rejected from the SMA 100 then traders could expect INTC to trade between SMA 100 and 200 until breakout happen. On the upside, the level around $53.00 is the initial target and $57.23 is the long-term target for closing earnings gap.

Pfizer Inc (PFE)

PFE located at the daily SMA 200 after it returns above it yesterday. The share prices might resume its uptrend by moving further higher above the previous day high. Traders could look for long positions near SMA 200 at the current time.