DJIA 20,000 soon!
U.S stock market once again closed up, and the futures also show positive 74 points result before the market open. There is no uncertainty as the index gets closer to the 20,000 significant barriers, even the Fed interest rate announcement tomorrow does not hinder the index to reach it soon.
The news from Asian market also positive with China industrial production expands more than expected. Major indices in Asia gained except Australian ASX 200, and most of the European market wait in the positive zone before U.S market open.
There is no significant news today, and the market will maintain current sentiment proceeding into the Fed news tomorrow.
Technical Analysis
Dow Jones Industrial Averages (INDU)
The 20,000 Landmark is getting near, and the Dow Jones Industrial Averages will not let it slip away from its hand. The bear should wait until the level reached before considering any short position. Also, it needs to wait until bearish formation formed and not jumping the gun.
Kroger Co (KR)
Bearish candlestick formed near the resistance daily SMA 200, it is not a strong candle and indicates nothing unless the price falls sharply from the current level and close below $33.99. If the candle can close higher and above SMA 200, the bull might blow the resistance away.
Other Watchlist
PEP – the price retraced to its daily SMA 200, look for bearish setup.
ATI – bearish engulfing in the daily chart, possible to move lower toward its SMA 200.
BBBY – bearish engulfing pattern on the daily chart.
JNJ – the price retraced to its SMA 200, might bounce down.
GS – first bearish pattern, the bearish engulfing at the top.
MOS – a break lower than $30, should put the stock into a correction.