Market up on infrastructure plan hope
U.S stock futures pointed up with Dow futures advanced 300 points on Trump infrastructure plan hope. The market is hoping the infrastructure plan will boost the economy and spur work from the infrastructure sector.
Monday trading session leaves the market with no major economic data to watch. All attention will be given to President Trump.
Asian & European Stock market
Asian stock market mostly higher on Monday. Japanese stock market closed on the public holiday, Shang Hai Composite up 23.71 points (+0.76%) to 3,153.56 and Australia ASX 200 down 17.30 points (-0.30%) to 5,820.70. European stock market rallying. DAX Germany up 1.83%, FTSE UK up 1.20%, and Euro STOXX 600 up 1.51%.
Dow Jones Industrial Average (INDU)
Dow Jones Industrial Averages produce a mixed signal as the index form a bullish pin bar at daily SMA 100. However, at the same time print a lower low. The situation suggests traders stay sideline and observe next movement.
McDonald Corp (MCD)
MCD share prices corrected from $178.7 and reach $160.00 support level. It is a 10% correction and placing the shares to its long-term support SMA 200. Will the bounce come and the market start to improve?
Freeport Mcmoran (FCX)
There is room for FCX share prices to continue its downward movement toward daily SMA 100 or $16.00. Traders could look for a long position at current level following the bullish pin bar formation. Also, add more long position near $16.00.
COST – Holding out above daily SMA 100, might continue upward if the stock market starts advancing.
EBAY – The share prices has closed its earnings gap. If the market situation improves, then we might see EBAY start to bounce up.
CVX – Long position need to wait until the bull manages to close the price above daily SMA 200.