Shortened week trade
It is a shortened trading week with Good Friday holiday at the end of the week. The market expected to move slowly this week as traders will prepare for the holiday and there is not much major news to observe. Today Dow Jones Industrial Averages gain 14 points before market open, and most of the major indices stay in the negative region.
The gainers in Asian session are Nikkei and Australia ASX 200 which increase 0.71% and 0.86% respectively. Traders will wait for Yellen speech today which expected to affirm the Fed stance on interest-rate.
Technical Analysis
Dow Jones Industrial Averages (INDU)
Sideways movement of the index might continue this week between daily SMA 50 and the 20,800 resistance level. Until the breakout either side, traders suggested staying sideline.
Dunkin Brands Group (DNKN)
DNKN slide lower since it reaches the top of channel and print 12-month high. The price is currently moving near its bottom of the channel which is an opportunity to take a long position. Traders might need to consider the daily SMA 200 also when placing long position.
Other Watchlist
IBM – the price touched daily SMA 100, and there is the possibility of a move lower toward $170 before a bounce.
ACN – There is a possibility of bounce from the daily SMA 200.