US Stock market Technical Analysis August 9, 2018

Trade tension to influence the market

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U.S stock market set to open higher as DJIA futures gain 13 points. Trade tension continues to put the market under check after China indicate retaliation against tariff ready to imposed on $50 billion China imported goods. Unusually, China stock market despite the Wednesday commentary. It seems investors and traders are reaching new normal on the trade tension.

It is too early to expect a bullish bounce as U.S President Trump planned 25% tariff on more China products.

Asian & European Stock market

Asian stock boosted following the gain in China. Nikkei closed down 45.92 points (-0.20%) to 22,598.39, Shang Hai Composite closed up 50.63 points (+1.85%) to 2,794.71 and Australia ASX 200 up 29.20 points (+0.47%) to 6,297.70. European stock market took down the route. DAX Germany down 0.25%, FTSE UK down 0.77%, and Euro STOXX 600 down 0.28%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA direction is upward since the index surpasses June high and maintain the level above it. Today, the index seems will open flat and look for next direction. Traders might continue to expect the index to move up and wait

Activision Blizzard (ATVI)

ATVI share prices are in a “do or die” situation. The downward movement of the share prices has reached daily SMA 200 and trendlines. Traders could look for a long position as ATVI long-term trend stay bullish as long as there is no major close below SMA 200. On the other hand, a short position could be taken if breakout happens and ATVI retest SMA 200.

Hertz Global (HTZ)

HTZ rallied after earnings result, the share prices moved inside the bearish channel and expected to continue its movement inside the channel. However, the bullish pressure looks strong and might find support at the daily SMA 100 before it could launch higher to test SMA 200.

Traders need to watch the market reaction near the top channel and daily SMA 200. A sharp bearish reversal pattern is a sign to enter a short position and continue the ranging movement inside the channel.

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