US Stock market Technical Analysis January 9, 2020

Easing tension to help the market up

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The tension between U.S and Iran flared up after the retaliation done by Iran. Initially, the market reacted bearishly but slowly turn positive as optimism return to the market. Currently, optimism continues to bring the stock market higher across the global market.

President Trump mentioned in the previous day press conference that Tehran seems standing down and U.S the opened for negotiation to avoid further conflict. DJIA futures traded up 100 points before the market open.

Asian & European Stock market

The Asian stock market moves significantly higher. Japan’s stock market up 535.11 points (+2.31%) to 23,739.87, China stock market up 27.99 point (+0.91%) to 3,094.88, and Australia ASX 200 up 56.60 points (+0.83%) to 6,874.20. The European stock market also move higher. DAX Germany up 1.28%, UK FTSE up 0.54%, Euro STOXX600 up 0.41%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA on the path higher as the market optimistic that the tension between U.S and Iran will de-escalate. Without a major change in the sentiment then DJIA expected to print further fresh all-time high. Traders will continue to observe the index for now.

Schlumberger Limited (SLB)

SLB broke above the daily SMA 200 and maintained the level above it. At the current time, the share prices might start a bearish correction toward the SMA 200 and traders could look to enter long positions.

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