U.S stock market set for weak opening after S&P record high

S&P 500 keep notching all-time high and create a new records. Despite the bullish situation, DJIA could not follow the bullish movement. Today, the market is focusing on the progress of trade talks between the U.S and China. It seems there is a positive development that could spur bullish sentiment in the market.

Aside from the event, traders and investors are waiting for Jerome Powell’s speech this week. The Fed chief expected to announce “Averages inflation targetting” shifting from averages inflation of 2%. It could mean the interest rate will be kept steady more than 40+ years.

Asian & European Stock market

The Asian stock market slightly lower. Japan stock market down 5.91 points (-0.03%) to 23,290.86, China stock market down 43.84 points (-1.30%) to 3,329.74 and Australia ASX 200 down 45.00 points (-0.73%) to 6,116.40. The European stock market on the other hand traded higher. DAX Germany up 0.55%, FTSE UK down 0.04%, Euro STOXX 600 up 0.42%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA printed higher high above June’s high and expected to continue its bullish movement to target all-time high. Today, the index futures lower 31 points which suggest bearish to flat open. As the trend continue bullish, traders will avoid taking short position in equity market for now.

Beyond Meat Inc (BYND)

BYND bearish correction has reached the daily SMA 100 and currently ranging between $120.00 – $130.00. We expect the price to bounce from the daily SMA 100 and continue its bullish movement. However, if the share prices move further lower then daily SMA 200 and $100.00 – $110.00 will become the support levels to watch.