More correction due for U.S stock market

The stock market is in risk-averse mode following the announcement from previous day FOMC meeting. The Fed set up next interest-rate hike in March when Powell get into the position as Fed chief.

GOOG, AMZN, AMGN, AAPL, V scheduled to report earnings after market close.

Asian & European Stock market

Asian stock market advanced except China stock market. Nikkei up 387.82 points (+1.68%) to 23,486.11, Shang Hai Composite down 34.59 points (-0.99%) to 3,446.24 and Australia ASX 200 up 52.40 points (+0.87%) to 6,090.10. European stock market mixed. DAX Germany down 0.55%, FTSE UK down 0.18%, and Euro STOXX 600 up 0.02%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA correction is underway as the index futures pointed lower 80 points before market open. The index also made first significant retest on 26,000 since moved above it. Will the index bounce from the 26,000 support level or will it continue lower to 25,000?

Alcoa Corporation (AA)

AA is in a correction since it manages to move above $50.00. The share prices will test the $50.00 broken resistance. Traders could look for the long position either near $50.00 or the daily SMA 100.

Walt Disney (DIS)

DIS has broken below its uptrend line and reached the daily SMA 50. The downward movement looks strong and might continue toward the daily SMA 200. Traders might want to wait until the downward pressure receded and formed a bullish reversal pattern before placing any trade.