US Stock market Technical Analysis April 11, 2019

Lower growth concern, Brexit extension, China trade balance to influence the market

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U.S stock market up 30 points at the time this article was written which provide the market with the positive cue. The Brexit deadline extension is good news for the UK as the country has more time to negotiate with the EU and avoid Hard-Brexit scenario.

Growth concern should continue to cloud the market sentiment after previous day revision by the IMF. On the domestic economic news, traders and investors will focus on PPI data. PPI expected to increase by 0.3% month over month. China trade balance data also on the line, sharp slump to 34B surplus in February expected to continue in March. The market expects China recorded a surplus of 2B. A weaker number should spread fear to the market.

Asian & European Stock market

Asian stock market mixed. Japan stock market up 23.81 points (+0.11%) to 21,711.38, China Shanghai Composite down 51.97 points (-1.60%) to 3,189.96, and Australia ASX 200 down 24.80 points (-0.40%) to 6,198.70. European stock market mostly higher on Brexit deadline extension. DAX Germany up 0.37%, UK FTSE up 0.20%, Euro STOXX600 up 0.22%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA still could not lift itself and continue under pressure. The index soon will reach 26,000 support and test it. If the bull could reverse the bearish pressure and produce bullish pattern then traders could expect the stock market will turn bullish. On the other hand, a close below 25,800 – 26,000 area will trigger sell-off.

Blackberry LTD (BB)

BB has jumped above the resistance SMA 200 and drifted lower to retest the averages. The share prices currently making a test on the averages and no bounce happened yet. If the bull could maintain the positions above SMA 200 and produce bullish pattern then BB could continue its recent bullish trend.

Mattel Inc (MAT)

The movement of MAT seems contained between daily SMA 100 and 200. The share prices bounce up and down between two averages and traders could use the moment to apply ranging strategies. The overall short-term trend is bearish as there was monstrous bearish candlestick present on the chart. Traders might want to place more short positions than long positions.

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