US Stock market Technical Analysis December 9, 2019

Its time for deal or no deal this week

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U.S stock market set to open lower as the index futures slightly lower before the market open. Weak China’s export data is the cause of the current downward movement. Aside from that, traders and investors are watching closely the trade negotiations between U.S and China. This is the last week to reach a deal before the tariff implementation deadline on 15th December.

Expect further roller-coaster movement or dead silent market before the deadline this week.

Asian & European Stock market

The Asian stock on the path higher. Japan’s stock market up 76.30 points (+0.33%) to 23,430.70, China stock market up 2.46 points (+0.08%) to 2,914.48, and Australia ASX 200 up 23.00 points (+0.34%) to 6,730.00. The European stock market inch lower. DAX Germany down 0.08%, UK FTSE down 0.15%, Euro STOXX600 down 0.08%

Technical Analysis

Dow Jones Industrial Average (INDU)

Nothing traders will do at the moment in the DJIA index. The index expected to continue its bullish movement and print further all-time high. It is better to stay bullish in equity for now. Previously, the bearish pullback has happened and the bull has proven itself by the bounce from the level near SMA 50 and trendline.

Marvel Tech Group (MRVL)

MRVL bearish correction has reached the daily SMA 200 and the support trendline. If the bull could maintain the position above both support levels then we will expect a bounce will happen. At the current time, traders could look for long positions near the current level.

A breakout and close below the SMA 200 and the trendline will trigger further selling.

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