Outperform job data
U.S stock market kicks off the pre-market session with a solid ADP non-farm employment change. Data estimate shown the market added 263k job last month compared to 184k expected. This release is a proxy to Friday Non-farm employment data which might also show solid number.
The market prepares for FOMC meeting minutes later. Today minutes might just confirm the Fed stance on interest-rate which is in line with the expectation of more increase this year. Major indices in the European market and Asian market mostly up with only DAX Germany losing ground. The market waiting for President Trump renewed promises on financial regulation.
Technical Analysis
Dow Jones Industrial Averages (INDU)
Dow Jones Industrial Averages closed as bullish candlestick yesterday and show possible continuation upside today. The upside pressure should be limited as the market prepares for FOMC minutes and the Non-farm employment data release on Friday. We expect the index will move between 20,500 – 20,800 before news releases.
Dick’s Sporting Goods (DKS)
Struggling retail business shown on DKS daily chart. The price is moving down consistently inside the bearish channel. Currently, it revisits the top of the channel where daily SMA 50 present. Traders could expect a continuation of trend and bounce lower from the current level.
Other Watchlist
ITW, CSCO, DHR – the price moving near its daily SMA 50, might bounce higher.
SPG – bearish engulfing pattern, indicate further weakness in the share prices.
Q – the price back to the bottom of the triangle pattern, might provide a chance for the long position.