Strong earnings and GDP data to drive stock market upward
Apple and Facebook rise after better than expected earnings results. The stock market also rejoices on strong U.S GDP data. The GDP data showed annualized 6.4% expansion which she that the U.S economic recovery accelerated. Aside from that, the Fed FOMC meeting also holds the interest rate steady and will not expect a major change in the policy yet.
Traders will continue to expect the stock market to continue to hang near the record high and continue printing new record high.
Asian & European Stock market
The Asian stock market mostly higher. Japan stock market closed for the day, China stock market up 17.83 points (+0.52%) to 3,474.90 and Australia ASX 200 up 17.60 points (+0.25%) to 7,082.30. The European stock is also mostly higher. DAX Germany down 0.40%, UK FTSE up 0.60%, and Euro STOXX600 up 0.35%
Dow Jones Industrial Average (INDU)
DJIA index futures currently higher 148 points and indicate a higher opening for the index. Similar to the previous analysis, the index is expected to continue hanging near the high and printing more record high. We think a bearish correction eventually will happen and provide traders with the chance to enter long positions in the equity market.
Kroger Co (KR)
KR share prices have made corrections toward the averages and bounced from it. The share prices currently on a bullish track and seem trading inside a bullish triangle. Traders who want to enter long positions will wait until the share prices retrace toward the daily SMA 50.
In the medium-long term, we expect the share prices to break out above the triangle pattern.