US Stock market Technical Analysis February 18, 2020

Apple revenue warning and Walmart earnings miss dampening the market mood

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Apple (NASDAQ: AAPL) release a revenue warning today. The company does not expect it will meet the quarterly revenue forecast. Slowing down in production and demand happen as China hit by coronavirus. Previously, AAPL expect revenue to come out between $63 – $67 billion for the second quarter. Currently, no updated forecast is given to the market.

Walmart (NYSE: WMT) reported eps of $1.38 vs. $1.43 expectation. Revenue come out at $141.67 billion vs. $142.69 billion. Both numbers miss the market expectation and the share prices down nearly 0.5% before the market open. DJIA futures currently down 178 points and indicate lower opening for today’s trading session.

Asian & European Stock market

The Asian stock market mostly lower after Apple revenue warning. Japan’s stock market down 329.44 points (-1.40%) to 23,193.80, China stock market up 1.35 points (+0.05%) to 2,984.97 and Australia ASX 200 down 11.40 points (-0.16%) to 7,113.70. The European stock market also on the defensive side. DAX Germany down 0.83%, UK FTSE down 1.04%, Euro STOXX600 down 0.61%

Technical Analysis

Dow Jones Industrial Average (INDU)

The train continues moving to the Northside and the market will expect more fresh all-time high printed. On the medium-long-term view, the DJIA trend continues bullish and it is better to avoid shorting the equity market for now. If the index moves lower then traders could observe daily SMA 50 for a possible bullish bounce.

FedEx Corp (FDX)

FDX overall trend continues bearish as the share prices never succeed SMA 200 tests since the previous year. The share prices expected to get rejected from the SMA 200 and continue its bearish trend. We have a bearish channel projected on the chart where FDX might move next.

International Business Machine (IBM)

A bearish correction is welcomed in IBM share prices after it reaches a recent high at $158.75. The area around $145.00 – $146.20 is the area traders could watch for a possible bullish bounce. Wait until the share prices pullback toward this area to take long positions.

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