The stock market to extend previous day gain

U.S stock market looks to add gain today as DJIA futures pointed upward 33 points. But the market might stay sideline as Jackson Hole summit where The Fed Jerome Powell will give speech kick-off. Worries over recession might be the major topic to present in the summit.

Bond yield briefly inverted after the release of FOMC minutes of the meeting might trigger risk-aversion in the market.

Asian & European Stock market

Asian stock market little changed. Japan’s stock market up 9.44 (+0.05%) to 20,628.01, China stock market up 3.11 (+0.11%) to 2,883.44, and Australia ASX 200 up 18.50 points (+0.29%) to 6,501.80. European stock market looking to keep gain. DAX Germany up 0.30%, UK FTSE down 0.56%, Euro STOXX600 up 0.14%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA reversed Tuesday loss and closed the previous trading day on the positive side. Despite the bullish close, the direction of the index is not clear yet as Jerome Powell will give a speech tomorrow. At the current time, the situation is the same as in the previous analysis. DJIA might stick between 26,000 and SMA 100 until the end of the week.

Jabil Inc (JBL)

JBL correction has reached the daily SMA 200 and there is no major bounce from the averages yet. The share prices projected will bounce from the averages and continue its bullish trend. However, if a breakout happens and JBL fell toward $25.31 then it is better to switch to the short side.

Phillips 66 Com (PSX)

PSX surpassed the daily SMA 200, other averages and switch from bearish trend to bullish trend. After the pullback toward the averages, PSX made another bullish attempt but cannot surpass previous swing high. At the current time, PSX keeps trying to move above $100.00 handle. If it rejected from the level then PSX might start moving lower to test SMA 200 again.