Cautious sentiment to cloud the market
Stock market traders and investors are cautiously waiting for the development of tension between the U.S and Iran. Currently, DJIA futures up 16 points which indicate flat opening. No clue yet on the next direction of the market. Yesterday, the stock market initially tumbled sharply. However, by the end of the day, all of the indices closed on the positive side.
Traders might want to trade cautiously today while waiting for further news from Iran and the U.S.
Asian & European Stock market
The Asian stock market erase most of losses incurred yesterday. Japan’s stock market up 370.86 points (+1.60%) to 23,575.72, China stock market up 21.39 points (+0.69%) to 3,104.80, and Australia ASX 200 up 90.70 points (+1.35%) to 6,826.40. The European stock market follow Asia’s lead. DAX Germany up 0.85%, UK FTSE up 0.18%, Euro STOXX600 up 0.39%
Dow Jones Industrial Average (INDU)
The index avoided bearish close yesterday and managed to close the day on the positive side despite the tension between U.S and Iran. There is no change to the outlook of the index yet which expected to continue its upward movement. Traders might want to continue to stick to the long side for now.
Home Depot (HD)
HD share prices bounced from the daily SMA 200 in the previous test. The share prices currently consolidate near the averages. Without any breakout lower then traders could look for long positions with SMA 50 & 100 as the initial target.
Marvel Tech (MRVL)
MRVL rejected from the level around $28.00. If the share prices continue its downward movement then traders could prepare for long positions near the SMA 200 and the trendline. MRVL might consolidate between the trendline and $28.00 until breakout happen.