Reversal sign on the DJIA

Previous day trading session results in a bearish close and put U.S stock indices winning streaks to stop. Dow Jones Industrial Averages opened lower more than 50 points today following the growing concern on North Korean considering missile launch to strike Guam. Nasdaq is the biggest loser at the start of trading time and might continue lower.

The market is waiting for U.S crude oil inventory which expected to report 2.6 million barrels decline in the previous week. There might not be much change to the current situation as no major economic news release.

Earnings & Corporate report

Mylan NV (NYSE: MYL) crashed after reported earnings per share of $1.10 vs. $1.16 expected. Revenue comes out at $2.96 billion vs. $3.04 billion. Share prices down 4.72% after market open and continue lower.

Starbucks price target cut to $56 from $64 at BMO Capital Markets. The stock downgraded on cannibalization concern as analyst saw growing instances of overlap.

Fossil price target cut to $24 from $32 at KeyBanc Capital Markets

Technical Analysis

Dow Jones Industrial Averages (INDU)

DJIA slide in today trading open, the index followed through the previous day bearish pin bar pattern, and looks will continue the retracement for several days. However, today session mostly influenced by geopolitical situation caused by North Korean possible missile launch.

If the index continues lower, it might target the trendline before changing direction to the upside.

Atomatic Data Processing Inc (ADP)

ADP has jumped after recent earnings result. Unfortunately, the price losing gas and continue moving lower. From a technical point of view, the return of price to the initial level of the rally might provide entry chance. If ADP moves down to $104 – $105 it is possible to take long position upon strong bullish reaction.