Markets cheered on tariff deadline extension, trade talk progressed positively

The news that President Trump postpones tariff on China imported goods breathed optimism on the market. Currently, the Asian stock market advances higher on optimism. Japan Nikkei up 102.72 points (+0.48%) to 21,528.23, China Shanghai Composite up 157.06 points (+5.60%) to 2,961.28, and Australia ASX 200 up 19.00 points (+0.31%) to 6,186.30.

European stock market expected to continue the Asian market move higher.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA notch gains in the previous week and manages to close above 26,000. Today index futures also show a positive number in the Asian market. The index has more opportunity to continue its upward movement. We could regard the close above 26,000 as an initial breakout. If the bull follows through by pushing the price further upward then DJIA expected to target all-time high.

Ryder System Inc (R)

R share prices recovered more than 50% bearish movement from $79.95 to $44.80. Currently, the share prices traded at $63.55 and ready to challenge daily SMA 200. If the share prices could close above the averages then we could expect further upside to test 61.8% and 78.6% Fibonacci retracement levels.

However, strong rejection from daily SMA 200 might mark the end of bullish correction and start new bearish leg.

WYNN resorts LTD (WYNN)

WYNN bullish correction getting near the daily SMA 200. We could see the share prices has lost more than 50% of its value last year. It dropped from $202.48 to as low as $90.06. Even though current bullish correction has recovered more than 40% of its losses, it has yet to surpass daily SMA 200.

Traders will watch the share prices reaction near the averages to determine if the bull could extend the bullish trend or not. Short position near the averages might be the best option to take when a bearish pattern formed.