US Stock market Technical Analysis July 12, 2018

High-level trade talk boost the market

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Earlier this week the trade wars issue soured between U.S and China after President Trump announced the plan to imposed 10% tax on $200 billion China imported goods. The market reacted negatively, and stock indices turned lower. Fortunately, today mood boosted after U.S and China reported in another round of talking to solve the trade issue difference.

Inflation data is on the line and due to release on 08.30 AM Eastern Time. Strong reading will increase speculation The Fed will raise interest-rate two times more this year.

Asian & European Stock market

Asian stock market shrug off tariff fear and advance today. Nikkei closed up 255.75 points (+1.17%) to 22,187.96, Shang Hai Composite closed up 60.53 points (+2.18%) to 2,838.30 and Australia ASX 200 up 52.70 points (+0.85%) to 6,268.30. European stock also follows Asia lead. DAX Germany up 0.56%, FTSE UK up 0.76%, and Euro STOXX 600 up 0.61%.

Technical Analysis

Dow Jones Industrial Average (INDU)

Technically, DJIA continues its movement between daily SMA 200 and the trendline, and there is nothing to do yet aside from trading the range. The major news comes from President Trump who ordered the addition of $200 billion China goods to target for 10% tax. However, earnings reports from companies might put aside the issue for a moment.

International Business Machines (IBM)

IBM come into focus as the share prices hit flip level on its daily chart. The flip level act as a wall for the bull and the bear. Each attempt will undergo verification before rejection or allowance. If the flip level is working as expected, then IBM will experience rejection and resume its bearish trend.

L3 Technologies Inc (LLL)

Triangle pattern is seen on the LLL daily chart. Currently, the share prices testing the top of the triangle and daily SMA 200. Expect LLL will respect the resistance and turn downward. However, the share prices might continue its sideways movement inside the triangle pattern.

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