US Stock market Technical Analysis August 6, 2019

Global stock market recover after Yuan stabilize

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The weakness of Yuan yesterday sent jitter to the market and incite retreat in the equity market. Initially, the market thought that China will use its currency as a weapon in the trade war. But, China’s central bank mentioned that they want higher Yuan than the current level.

Meanwhile, today bullish reaction might be a temporary reaction from the market. Traders might want to tread carefully and ready whenever tension shooting up again.

Asian & European Stock market

Asian stock market extend previous day weakness. Japan’s Nikkei down 134.98 points (-0.65%) to 20,585.31, China stock market down 43.94 (-1.56%) to 2,777.56, and Australia ASX 200 down 162.20 points (-2.44%) to 6,478.10. European stock market crawl to the positive side. DAX Germany up 0.57%, UK FTSE up 0.09%, Euro STOXX600 up 0.54%

Technical Analysis

Dow Jones Industrial Average (INDU)

US Stock market Technical Analysis August 6, 2019

DJIA gained more bearish momentum and dropped from daily SMA 100 to SMA 200 in one day. The index expected to test the SMA 200 and determine the next direction. We might have easing of the bearish pressure as China’s Yuan stabilize. Currently, DJIA futures pointed up more than 200 points which suggest a bounce in the making.

Accenture PLC (ACN)

US Stock market Technical Analysis August 6, 2019

ACN retraced lower and reach the bottom trendline on its daily chart. The share prices might turn upside at the bottom trendline and continue its bullish trend inside the channel. Traders could prepare for long positions near the trendline when there is a bullish reaction.

Micron Technology (MU)

US Stock market Technical Analysis August 6, 2019

MU corrected lower before it could reach $50.00 resistance. Traders could use current bearish movement as an opportunity to enter long positions near support levels. We think the cluster of averages is a good area to watch for a possible bounce.

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