When will the rally end?
Dow Jones Industrial Averages continue to perform, and the index closes above 19,000 the first time. The market seems excited after President Trump affirms his stance on TPP trade agreement. Crude oil was also climbing without much resistance before OPEC meeting next week.
On other markets, Asian indices have mix performances today, while European indices mostly down except UK FTSE. Today we have unemployment claims news which estimated to increase to 241k and core durable goods order with forecast 0.2% increase monthly.
Technical Analysis
Dow Jones Industrial Averages (INDU)
No sign of pullback yet in the Dow Jones Industrial Averages, we will expect more upside today before FOMC meeting minutes.
Danaher Corp (DHR)
DHR is moving inside a triangle and soon will reach the end of consolidation. The price supported by SMA 50, and if it moves down, there is SMA 200 which will act as support.
Union Pacific Corp (UNP)
UNP is in a strong bullish trend which is not a good for a short position, but we might reach temporary resistance at the share price. It might move down as the volume decreasing while share price was moving up.
Best option in UNP is the long position from the trendline.
Other Watchlist
VZ – The price is near the daily SMA 50, might continue upward to SMA 200.
LLY – Bearish close below the SMA 200, indicate further sell-off
ATVI – failure to stay above the SMA 200, looking for a re-test of the SMA to place short position.
SBUX – a break above daily SMA 200, possible continuation.