US Stock market Technical Analysis December 10, 2019

U.S-China trade development, FOMC under watch

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The stock market set to open lower today as the DJIA index futures down more than 100 points. Time is ticking for a trade deal between U.S-China before the end of week tariff implementation. Without a deal then tariff will be implemented against China’s products which will hinder trade deal.

Aside from the trade development, traders will monitor closely FOMC rate-decision this week.

Asian & European Stock market

The Asian stock mixed today. Japan’s stock market down 20.51 points (-0.09%) to 23,410.19, China stock market up 2.84 points (+0.10%) to 2,917.32, and Australia ASX 200 down 23.10 points (-0.34%) to 6,706.90. The European stock trade lower. DAX Germany down 1.61%, UK FTSE down 1.26%, Euro STOXX600 down 1.16%

Technical Analysis

Dow Jones Industrial Average (INDU)

There is a mini pullback in the index yesterday but no change to the bullish direction of the index. This week, we might have a pause in the upward movement as the market focus on the trade negotiation between the U.S and China. Without a deal then the U.S will implement tariff against China products on 15th December.

Hewlett Packard Enterprise Com (HPE)

HPE share prices pullback lower after the earnings result. The share prices reached the flip point where there is a trendline support present. We have a bounce and HPE currently trade near the SMA 50. Will HPE continue higher? Alternatively, will it move lower and test the support level again?

Novagold Resources Inc (NG)

NG share prices traded lower after a recent test on October high. The bearish pullback reached the SMA 100 and looking for support near it. If NG could bounce from the averages then we could expect a bullish continuation and another test on October high. If NG moves lower then traders will prepare near SMA 200 for possible long positions.

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