Positive opening at the start of December?
The stock market set to open higher today as the stock futures gaining before the market open. However, President Trump’s plan to restore tariffs on Brazil and Argentina could derail the current bullish outlook. At the current time, DJIA futures gained 30 points, down from 100 points gain earlier.
The overall market situation will continue depend on trade negotiations between U.S and China this month.
Asian & European Stock market
The Asian stock market traded higher on better than expected China’s data. Japan’s stock market up 235.59 points (+1.01%) to 23,529.50, China stock market up 3.83 points (+0.13%) to 2,875.81, and Australia ASX 200 up 16.30 points (+0.24%) to 6,862.30. The European stock market mixed after the plan to restore tariff on Brazil and Argentina. DAX Germany up 0.05%, UK FTSE up 0.04%, Euro STOXX600 down 0.01%
Dow Jones Industrial Average (INDU)
The trend of higher-high on the DJIA index has not stopped yet. Although the index traded lower in Friday trading session, today we have DJIA futures up 30 points before the market open. Without a major change in the situation then traders could expect further higher high printed on the chart.
Valero Energy Corp (VLO)
VLO share prices are in the correction phase after reached $100.00 handle. It might continue lower and reach the daily SMA 50 where traders could look for long positions. If the share prices continue lower then it might target SMA 100 and 200.
Home Depot Inc (HD)
HD is in a correction period and the share prices recently broke below the daily SMA 100. The upward attempt to bring the share prices up received a rejection from the SMA 100 last week. If the share prices move lower then it will target the trendline and SMA 200. Traders could prepare for long positions near both support levels.