China returns from holiday, trade talks to resume
Global market across the world opened lower today after lack of direction in U.S stock market on Friday. Cautious tone shroud the market and could continue until the start of trade talk. U.S and China officials will gather in Beijing to start trade talk on Thursday and Friday.
No agreement expected to be reached on this meeting. Market participants will wait until early March for results.
Asian & European Stock market
Asian stock market mostly lower with China as an exception. Japan stock market closed for a holiday, China stock market climbed 35.66 points (+1.36%) to 2,653.90, and Australia ASX 200 down 10.70 points (-0.18%) to 6,060.80. European stock market trending higher. DAX Germany up 0.86%, UK FTSE up 0.93%, Euro STOXX600 up 0.85%.
Dow Jones Industrial Average (INDU)
DJIA closed above daily SMA 200 and the futures pointed higher today. The chance for bounce and further upside movement gets higher. If the index moves higher then it will test bearish trendline shown on the daily chart. Under the current fundamental situation, we think the index might stall near the trendline and waiting for new development.
Crocs Inc (CROX)
CROX drifted lower after it reached $31.88 high. The price has not reached the level since August 2011. Currently, CROX is testing daily SMA 50 and the trendline shown on the chart. Traders could prepare for a long position near both support levels or wait until the share prices move lower to daily SMA 100 and 200.
Omnicom Group Inc (OMC)
OMC is interesting to watch as the share prices just rejected from resistance around $78.00. The downward movement has momentum but stopped at the daily SMA 200. The share prices then closed at the bullish side for the second day. If OMC could continue to maintain a position above SMA 200 then there is a high chance the downward movement will be dispelled.
However, it is also possible for OMC to continue moving down with strong momentum and break daily SMA 200. If breakout lower happen, traders could watch the lower trendline for the target.