US Stock market Technical Analysis July 13, 2018

Upbeat banking report might boost the market

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U.S stock market expected to open higher after J.P Morgan reported upbeat earnings of $2.29 per share, topping analysts expectation of $2.22 per share. Trade wars still under focus this week following the agreement between U.S – China to open high-level talk.

UK Theresa May receive a hot ball from President Trump on Brexit issue. The President said he did not like the proposed deal between UK and Europe, and mentioned possibility the deal would kill U.S-UK deal.

Asian & European Stock market

Asian stock market extend gain today. Nikkei closed up 409.39 points (+1.85%) to 22,597.35, Shang Hai Composite closed down 6.11 points (-0.22%) to 2,831.55 and Australia ASX 200 flat +0.10 points (+0.00%) to 6,268.40. European stock also higher. DAX Germany up 0.25%, FTSE UK up 0.41%, and Euro STOXX 600 up 0.21%.

Technical Analysis

Dow Jones Industrial Average (INDU)

Nothing change yet in DJIA outlook, the index will continue trading between the daily SMA 200 and trendline. Traders could continuously monitor the index between the trendline and SMA 200. Short position from the top trendline expected to reach the SMA 200 next week.

Conagra Brands Inc (CAG)

We have a trendline rejection in CAG, and the share prices also closed lower below daily SMA 200. It is strong confirmation for the bear and the share prices expected to continue the bearish trend. Traders could look for short position and place stop order above SMA 100 or 200.

Ryder System Inc (R)

We are preparing two possible scenarios in Ryder share prices. First is the bullish scenario: Ryder expected to move higher from the current level and break above daily SMA 200. The upward momentum might have trouble around $80.00. Correction might happen and lead R down to daily SMA 200 to test it before upward continuation.

The second scenario is a bearish scenario where the share prices rejected from the SMA 200 and start a new long-term bearish leg.

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