Rally not over yet
The bull in the stock market has not finished yet as the price ticking higher, Dow Jones Industrial Averages Futures posted 71 points advance before market open. The bullish movement might continue today as the market lack of news to reverse the momentum. There are FOMC meeting minutes tomorrow which could become possible stopper of the current movement.
Meanwhile, Trump vowed to withdraw from TPP on day one of his office. This decision should shake a lot of companies and influence share price nearing the end of the year.
On another market, Asian market and European market mostly positive as oil advance on OPEC optimism. The crude oil up as high as $48.98 in the Asian session, it currently corrected to $48.41.
Technical Analysis
Dow Jones Industrial Averages (INDU)
Dow Jones Industrial Average broke up Yesterday, the index move above consolidation range and pointing for further appreciation. No clear resistance to hold the movement yet, the bear can wait at sideline until the upward momentum fades away.
Merck & Co (MRK)
MRK break above the trendline and corrected. This is one of the typical setups which provides safest opportunity to place long position. Failure at the trendline will open room for correction toward SMA 200 and enhancing odds for further decline.
Other Watchlist
MMM – observe bullish price action from the daily SMA 200
DIS – the price break above daily SMA 200 and under re-test, it might bounce from the SMA.