UK contraction, Huawei Hong Meng launch, and Italian possible collapse to paint today market sentiment
The trade war between the U.S and China continue shadowing the market and might continue for the unforeseen future. Today, the UK announces the first-ever contraction since 2012. The number provides policy markers an initial forecast of potential damage if Brexit happens without a deal. European stock market mostly lower on this news.
However, more political turmoil comes from Italian where Deputy prime minister vouch for election.
Earlier today, Huawei launched HarmonyOS or Hong Meng. The move come earlier after the company listed in U.S blacklist. Will it become an Android killer or will it flop in the end?
Asian & European Stock market
Asian stock market is mixed today. Japan’s Nikkei up 91.47 points (+0.44%) to 20,684.82, China stock market down 19.80 (-0.71%) to 2,774.75, and Australia ASX 200 up 16.30 points (+0.25%) to 6,584.40. European stock market blew by Italian and UK news. DAX Germany down 1.04%, UK FTSE down 0.04%, Euro STOXX600 down 0.56%
Dow Jones Industrial Average (INDU)
The bullish pressure of the index breach 26,000 and the top of the channel. At the end of the previous day, DJIA closed above both resistance level and open the possibility to move further higher. Today, the index future pointed lower almost 100 points which suggest downward movement to test 26,000. Will the index settle above 26,000 by the end of the day?
International Business Machine (IBM)
IBM drifted lower and reach the red trendline. The share prices closed as bullish pin bar pattern and printed a higher close yesterday. If the share prices continue its downward movement then IBM might test the white trendline and wait for further reaction to determine the next direction.
Carmax Inc (KMX)
KMX share prices are interesting to watch as it moves lower and getting near the major support level around $80.00. Technically, it is a high-odds level to expect for a bounce. Long positions when there is a bullish reaction from the support level is the option traders could take.