US Stock market Technical Analysis February 8, 2019

“No deal” issue hammered the market

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The global stock market suffered losses on the resurfacing issue on U.S-China trade wars. Earlier, President Trump mentioned “No” when asked whether he would meet China President Xi Jinping before 1 March deadline. Adding to the negative sentiment, Larry Kudlow also said it is a long way before a deal could be reached.

Before the market open, Hasbro (NASDAQ: HAS) will report earnings

Asian & European Stock market

Asian stock market mostly lower. Nikkei down 418.11 points (-2.01%) to 20,333.17, China stock market closed on CNY, and Australia ASX 200 down 21.00 points (-0.34%) to 6,071.50. European stock market also under pressure. DAX Germany down 0.53%, UK FTSE down 0.22%, Euro STOXX600 down 0.30%.

Technical Analysis

Dow Jones Industrial Average (INDU)

US Stock market Technical Analysis February 8, 2019

DJIA maintain the position above daily SMA 200 this week and only 1 day left for the index to secure the bullish close. However, today trading session might present the bull under pressure as index futures pointed lower triple digits. If the index could maintain the close above SMA 200 then it has a chance to bounce higher next week.

Herbalife Nutrition (HLF)

US Stock market Technical Analysis February 8, 2019

HLF tumbled after printing new record high. The share prices downward movement extremely strong and might continue for several days. In the long-term, it seems the share prices still has more upside. Traders could observe daily SMA 200 for an opportunity to enter long positions. Only enter when bearish pressure diminished.

International Business Machine (IBM)

US Stock market Technical Analysis February 8, 2019

IBM rallied from low $105.94 since the end of December 2018 and hit daily SMA 200 two days ago. It is a nearly 30% gain and might be the time for correction. If the share prices corrected downward then $125.00 is the level to watch for a bounce. Overall the trend is bearish but it is possible IBM could reverse its long-term bearish trend.

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