Directionless day

Today trading day might end in directionless trading as there is no major news coming from U.S. The only high-impact news to watch today is from UK where it will release CPI data, and there is a speech by BOE Governor Carney. Traders might stay sideline again today and wait until Yellen speech on Thursday.

Asian stock market show mixed performance as Nikkei and Australia ASX 200 slide lower while Shang Hai Composite up.

Technical Analysis

Dow Jones Industrial Averages (INDU)

Dow Jones Industrial Averages might be ready for further correction today. If the index slide below 20,800, traders could expect the index move toward the daily SMA 50 and possibly to 19,700 – 20,000 area.

Home Depot (HD)

Bearish candlestick reaction from the top of channel confirmed on HD daily chart. The stock price may disregard this pattern, but it might indicate price correction under progress. A close below the previous candlestick low needed to confirm the correction.

Visa Inc (V)

V printed a massive bearish candlestick at the extreme high. This candlestick is the ideal bearish candlestick needed to confirm the reversal of trend. However, the situation it created is not ideal as the price continue to print new record high. Nevertheless, traders could look for short position when the price move lower than the candlestick low.