US Stock market Technical Analysis January 31, 2019

Dovish Fed, bullish stock market

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The Fed set interest-rate unchanged as expected but unexpectedly turn extremely dovish by saying the central bank could patiently wait to set future rate-hike. It is a major gift for the stock market bull and we see equity market jumped. It is not the only U.S who experienced jump in the stock market, most of the stock indices in Asia and Europe advance today.

Bullish sentiment might envelope the market, however, Dow Jones Industrial Averages futures pointed downward before the opening. Investors are concerned about contraction in China’s January manufacturing data.

General Electric (NYSE: GE), MasterCard (NYSE: MA), UPS (NYSE: UPS) and Sprint (NYSE: S) are among the companies which report earnings before market open.

Asian & European Stock market

Asian stock market mostly higher. Nikkei up 216.95 points (+1.06%) to 20,773.49, China stock market up 9.00 points (+0.35%) to 2,584.57, and Australia ASX 200 down 22.00 points (-0.37%) to 5,864.70. European stock market also follows Asia higher. DAX Germany up 0.03%, UK FTSE up 0.48%, Euro STOXX600 down 0.01%.

Technical Analysis

Dow Jones Industrial Average (INDU)

US Stock market Technical Analysis January 31, 2019

DJIA closed above daily SMA 200 yesterday, the event is bullish. But, it seems the market still need more clarity as DJIA futures showing no direction at the current time. Tomorrow, there is job data which might give influence to the index trend. Overall, we need the bull to maintain closes above daily SMA 200 for weeks.

Walt Disney (DIS)

US Stock market Technical Analysis January 31, 2019

DIS might be an interesting share to watch as it currently holding out above daily SMA 200. The price consistently lower but manage to stay above the averages. If the bull could push the price higher above the daily SMA 50, SMA 100 and the trendline then the trend will change back to bullish.

Verizon (VZ)

US Stock market Technical Analysis January 31, 2019

VZ dive below daily SMA 200 in the previous day, the event printed lower low on the chart. However, the bull return and push the price up and close as a bullish candlestick. We could regard the lower low as for fake, as long as the price starts rallying from the current level. If there is another lower low printed then we have confirmation of the bearish trend.

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