The global stock market start the week lower after the previous week gain

The Asian stock market is mostly lower today after China reported weaker than expected economic data. The GDP grew by 4.9% compared to the 5.2% expectation and industrial production rise 3.1% vs. 4.5% increase. The European stock market also starts the week under pressure. Traders and investors seems will focus on major earnings releases this week.

On the earnings front, IBM, Johnson & Johnson, Netflix, Procter & Gamble, Tesla, United Airlines, and Verizon are among the companies which will report earnings this week.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index breakout and closed above the daily SMA 50 which confirmed bullish continuation. The index futures currently lower 60 points which might indicate a bearish correction to retest the daily SMA 50. If a bullish bounce happens then traders could expect another bullish leg to target a new record high.

Kroger Co (KR)

KR share prices uptrend stopped when it reached the top channel area and currently undergo bearish correction. The bearish correction almost reach the daily SMA 200 where traders could consider long positions. As the share prices trend is bullish for the long term, we think the daily averages will hold out against the bearish pressure. However, if a bearish breakout happens then traders could place a stop level below $35.30.