Stock market setup for gain

U.S stock market ready to open the last day of the week in green. Thursday trading session was full of skepticism as Senator Marco Rubio stand opposed against the tax-bill. Doubt was spreading, but it looks like the market decided to shrug off the possible negative news and focus on the year-end.

There is no more major news in coming weeks, and we are entering the holiday season. Volatility should slowly move down, and price movement might get jumpy. Under this situation, taking everything off the table might become a good idea if traders have no long-term position.

Asian & European Stock market

Asian stock market let the bear on the helm for another day. Nikkei down 141.23 points (-0.62%) to 22,553.22, Shang Hai Composite down 26.29 points (-0.80%) to 3,266.15 and Australia ASX 200 down 14.30 points (-0.24%) to 5,997.00. European stock market traded mixed. DAX Germany up 0.05%, FTSE UK up 0.22%, and Euro STOXX 600 down 0.33%.

Technical Analysis

Dow Jones Industrial Average (INDU)

The index closed down on the previous day as worries on the possible tax-bill will not pass shadowed the market. However, the weakness of index dispelled, and it is expected to open higher. Dow Jones Industrial Averages futures currently up 89 points before market open and indicate bullish sentiment.

Illinois tools works Inc (ITW)

ITW is in a bullish trend, and the share price currently undergoes correction. The correction reached the white trendline on the previous day. Will it bounce from the trendline or continue downward to support around $160.00?

U.S Steel Corp (X)

X cleared its major resistance in the previous week and might switch its long-term trend into bullish. The share prices experience profit taking and moving back near its breakout level. Traders could look for long position near the breakout level and ride the long-term trend.