US Stock market Technical Analysis August 8, 2019

Better than expected Chinese export data to boost the stock market

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U.S stock market ready to move higher today as DJIA futures move up more than 150 points before the market open. Today rally in the global stock market happen after China announces export data which is better than the market expectation

The U.S denominated export rose to $45.06 billion vs. $40.00 billion expectation. Meanwhile July export rises 3.3% compared to previous year same month, analysts expect a decline of 2.0%.

Asian & European Stock market

Asian stock market is mostly higher today. Japan’s Nikkei up 76.79 points (+0.37%) to 20,593.35, China stock market up 25.87 (+0.93%) to 2794.55, and Australia ASX 200 up 48.60 points (+0.75%) to 6,568.10. European stock market also follow Asian lead higher. DAX Germany up 1.27%, UK FTSE up 0.72%, Euro STOXX600 up 1.17%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA pushed lower in the previous trading day but manage to secure a bounce and closed near 26,000 handles. The index futures currently pointed upward and indicate a higher opening for DJIA. Will DJIA secure a close above 26,000 and the top of the channel to continue its uptrend?

Citigroup Inc (C)

C retraced to the daily SMA 200 and near the trendline. It formed a bullish pin bar pattern yesterday. If the share prices could climb and close above the pattern high then C might continue its upward movement. On the other hand, a breakout below daily SMA 200 and the trendline will trigger further selling in the share prices.

Sprint Corporation (S)

S share prices clearly supported at the horizontal lines. It bouncing up from $6.50 support level. If the share prices could continue higher then S might resume its bullish trend.

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