US Stock market Technical Analysis April 23, 2019

Earnings deluge to move the market

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Q1 earnings will continue to influence the sentiment of the market. Today, Coca Cola (NYSE: KO), Procter & Gamble (NYSE: PG), Twitter (NASDAQ: TWTR), Verizon (NYSE: VZ) are among companies which will report earnings before market open.

Tomorrow, the market will wait earnings result from Boeing (NYSE: BA). We might see a major surprise to the downside after two previous fatal airline crashes.

Asian & European Stock market

Asian stock market mixed on higher oil prices. Japan stock market up 41.84 points (+0.19%) to 22,259.74, China Shanghai Composite down 16.45 points (-0.51%) to 3,198.59, and Australia ASX 200 up 59.60 points (+0.95%) to 6,319.40. European stock market mostly lower after returning from the Easter holiday. DAX Germany down 0.20%, UK FTSE up 0.34%, Euro STOXX600 down 0.27%.

Technical Analysis

Dow Jones Industrial Average (INDU)

The index continues to trade at the middle of 26,000 and the all-time high. if the bull could continue to maintain the bullish pressure then we could expect DJIA to test all-time high soon. It is also possible for the index to start to move lower and retest 26,000 again.

Abbot Laboratories (ABT)

ABT share prices suffer setback after earnings result. The share prices dived below SMA 100 and closed below it. There was an attempt to bring the share prices up and the bull manages to close above SMA 100. We have a support level $74.00 present which could become a good level to look for long positions. On the lower side, there is SMA 200 where traders could add more long positions.

International Business Machine (IBM)

Miss in earnings put IBM share prices under pressure and fell to test the level near SMA 200. It bounced in the first try and currently attempting to move further higher. However, the share prices movement continue trapped inside the earnings candlestick. It is possible another test on the level near SMA 200 will happen. If the bull could maintain the position above SMA 200 then we could expect IBM to continue its bullish leg.

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