US Stock market Technical Analysis January 8, 2020

Iran attack is not “Scary” for the market

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The U.S stock market futures sharply lower after the previous day attack by Iran toward the U.S base in Iraq. However, the bearish pressure lifted and DJIA futures currently traded near its opening level. Earlier, Pentagon confirmed the attack of at least two bases in Iraq. So far no casualties reported.

It seems the market feels optimistic as the attack did not target any oil infrastructures and tension might slowly de-escalate after this.

Asian & European Stock market

The Asian stock market continue moving lower. Japan’s stock market down 370.96 points (-1.57%) to 23,204.76, China stock market down 37.91 points (-1.22%) to 3,066.89, and Australia ASX 200 down 8.80 points (-0.13%) to 6,817.60. The European stock market are traded near the 0 line. DAX Germany up 0.02%, UK FTSE up 0.01%, Euro STOXX600 up 0.01%

Technical Analysis

Dow Jones Industrial Average (INDU)

The missile attack on the U.S base by Iran today triggers risk-averse sentiment across the global market. Initially, DJIA futures tumbled sharply and seem will stay bearish for the entire day. However, the market disregarding the bearish issue and put the futures back to its opening level. For now, traders might want to observe from the sideline.

United Parcel Service (UPS)

UPS currently undergo retracement phase toward the daily SMA 200. We could see the support area between $112.50 – $115.00 acted as floor level. If the share prices could maintain its position then a bounce from the area may happen again. Traders could prepare to enter long positions inside the area and near the daily SMA 200.

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