Duck day for Wallstreet
Dow Jones Industrial Averages future is moving down -45 points and holds its position before market open. The situation is favorable for the bear, and coincidently analyst around the market write opinions about massive sell-off, Trump dump and all kind of bearish opinion. Fortunately, when we are near the top, and too many people think the market ready to fall, it means the market will continue moving up.
When we take a review of the future index, today it printed triple digit low as UK Theresa May mention the leaving of UK from European single market. The Brexit stance put pound sky-high and also reaffirm nothing will stop the country from leaving the European Union.
Technical Analysis
Dow Jones Industrial Averages (INDU)
Dow Jones Industrial Averages ready for a correction today after Marthin Luther King Jr. day. The index expected to continue its sideway movement inside the range between 19,700 – 20,000.
Coca-Cola (KO)
Short-term trend of KO on the daily chart is bearish and not enticing for the bull. However, in the higher period chart, there is the bullish trendline which keeps holding the price from moving lower. If the price could break triangle formation shown on the chart, there is a possibility the price will start a new bullish trend.
United Parcel (UPS)
The bull trader is waiting for a bounce from the flip area of long and short position. No bullish pattern formed yet, but the trader can start looking for an opportunity for a long position as long as the support area is not broken.
Other Watchlist
TRV – The price reached the cluster of averages mentioned on 7 January 2017 analysis.
LLY – Rebounce above the daily SMA 200.
XON – there is support area between $23 – $25, look for a bounce or break lower from this level.
CLR – the price is moving near the SMA 100, look for a bullish setup from this level.