US Stock market Technical Analysis August 14, 2019

U.S stock market set to move lower on recession warning

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Today stock market might relinquish all yesterday gains as the bond market signal for an upcoming recession. 10-year treasury note yield crossed below 2-year rate has been an accurate indicator for a recession in the past. Currently DJIA futures down more than 200 points before the market open.

Meanwhile, European stock market also on retreat after GDP data come out at 0.2% and industrial production down 1.6% lower than negative 1.4% expectation.

Asian & European Stock market

Asian stock market traded higher. Japan’s stock market up 199.69 (+0.98%) to 20,655.13, China stock market up 11.65 (+0.42%) to 2,808.91, and Australia ASX 200 up 27.40 points (+0.42%) to 6,595.90. European stock market moves lower on bad economic data. DAX Germany down 1.56%, UK FTSE down 0.84%, Euro STOXX600 down 1.02%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA return above the channel and averted further bearish trend below daily SMA 200. The index might continue upward after the shift in the fundamental event between the U.S and China. Currently, we might see the index target 27,000 handles. If the index moves lower, traders could look for a possible bounce near 26,000.

Goldman Sachs (GS)

GS return to bullish trend after the share prices climbed above daily SMA 200. The share prices rallied toward $220.00 before turned lower. At the current time, GS is testing the daily SMA 200 and using it as a support level. If the share prices could bounce higher from the level then we might see a bullish continuation.

T-Mobile US Inc (TMUS)

We could easily spot a bullish trend on TMUS daily chart. The share prices always bounce from the daily SMA 100 and the trendline. Without any breakout below the averages then we could expect TMUS to trade higher and continue its bullish trend.

Yelp Inc (YELP)

YELP gapped up after recent earnings announcement and closed the previous earnings gap. The gap close event, triggered sell-off and YELP traded near its daily SMA 200. At the current time, if YELP could offset the bearish pressure and return above daily SMA 200 then it might open the path upward and start a new bullish trend.

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