US Stock market Technical Analysis August 1, 2019

Stock market set to bounce after previous day Fed disappointment

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The Fed slashes interest-rate by 25 bps as the market expected. However, the central bank did not provide a clue on the next interest-rate decision. It seems the market still digesting what is in the Fed mind. Although rate-cut is logical in the next meeting, the Fed decide to put their plan behind the shadow.

Meanwhile, BOE provides us with murky outlook saying the uncertainties still linger on Brexit and the government still could not shake away “No-deal” scenario.

Asian & European Stock market

Asian stock market continue under pressure today. Japan’s Nikkei up 19.46 points (+0.09%) to 21,540.99, China stock market down 23.74 (-0.81%) to 2,908.77, and Australia ASX 200 down 23.70 points (-0.35%) to 6,788.90. European stock recoups losses and turned positive. DAX Germany up 0.18%, UK FTSE down 0.40%, Euro STOXX600 up 0.20%

Technical Analysis

Dow Jones Industrial Average (INDU)

A major sell-off happened in DJIA index yesterday. The index fell after the fed announced rate-cut of 25 bps but no assurance on the future rate-cut. We have a close below 27,000 which is unwelcomed for the bullish trend. If the index could not return above the 27,000 handles by the end of the week then we might see further bearish pressure brewing in the index.

Advanced Micro Devices (AMD)

AMD drilled below the bottom of the channel and daily SMA 50 in the previous trading day. The share prices might continue lower, but we could see AMD always bounced from daily SMA 50 when it tested the averages. Will AMD continue to bounce from the averages? Alternatively, will it continue the bearish movement and target SMA 100 & 200?

Chevron Corporation (CVX)

CVX overall direction is bullish with the share prices printing higher high and higher low. At the current time, CVX move lower and test the trendline and daily SMA 100. Will it bounce from the averages and resume its bullish trend?

If CVX break lower then it might target daily SMA 200 where traders could look for long positions near it.

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