US Stock market Technical Analysis July 10, 2019

U.S futures under pressure before Fed speech

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The Fed Jerome Powell will deliver another speech today following the speech yesterday. Traders will focus on the clue for rate-cut at the end of this month. A confirmation for rate-cut will boost the stock market. On the other hand, no rate-cut or more hawkish comment could overturn the current bullish trend. Aside from the speech, the Fed minutes of the meeting will come under focus too.

Before the opening bell, U.S stock futures slanted downward.

Asian & European Stock market

Asian stock market continues mixed. Japan’s Nikkei down 31.67 points (-0.15%) to 21,533.48, China stock market down 12.93 (-0.44%) to 2,915.30, and Australia ASX 200 up 24.10 points (+0.36%) to 6,689.80. European stock market under pressure. DAX Germany down 0.39%, UK FTSE down 0.02%, Euro STOXX600 down 0.09%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA traded near all-time high and consolidating before today speech by Jerome Powell. Today speech should provide some clue on the Fed plan on interest-rate. If the speech sounded dovish then we might see DJIA moving up and challenge all-time high. A hawkish speech, on the other hand, will put DJIA under pressure.

Keurig DR Pepper Inc (KDP)

KDP overall trend is bullish and the share prices continue printing higher high and higher low. At the current time, there is bearish correction and KDP will test SMA 50 soon. Traders could prepare near the SMA 50, 100 and 200 for long positions with a hard stop below $25.00. As long as the share prices maintain the level above SMA 200 then we could expect the bullish trend will continue.

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