More fresh high on weak dollar

The stock market ready to print fresh record high as U.S dollar weakened today on weak GDP data. Previously, U.S dollar index suffered sharp losses on Wednesday after Treasury Secretary Steven Mnuchin said the weaker dollar is beneficial for U.S trade. President Trump later corrected the comment and called for a stronger dollar.

Although the situation is positive, we might see profit-taking by the close of market.

Corporate report

Starbucks (NASDAQ: SBUX) reported better than expected earnings at $0.65 vs. $0.57. However, revenue falls short of expectation. The company reported $6.07 billion revenue vs. $6.14 billion expectation. Share prices down 4% before the market open.

Asian & European Stock market

Asian stock market ends the day mixed. Nikkei down 37.61 points (-0.16%) to 23,631.88, Shang Hai Composite up 10.78 points (+0.30%) to 3,559.09 and Australia market closed for Australia day holiday. European stock mostly up. DAX Germany up 0.28%, FTSE UK up 0.43%, and Euro STOXX 600 up 0.57%.

Technical Analysis

Dow Jones Industrial Average (INDU)

There is no change to the DJIA scenario which is up. The index futures also up 44 points before market open. However, turnaround might be possible as DJIA has been moving up without any significant reversal.

Apple Inc (AAPL)

AAPL is under correction period, and the share prices move below daily SMA 50. The downward movement soon will arrive at previous broken resistance level around $165 – $166 where there is daily SMA 100 present. Traders could use the opportunity to look for long position near the resistance turned support level.

Tesla Inc (TSLA)

TSLA come to attention as the share prices returned above daily SMA 200 and currently testing it. If the bull could hold the downward pressure and reverse it, we might see TSLA moving up and start a bullish leg.