China GDP growth weakest since 27-years ago
Weak GDP data from China showed the growth slip to 6.2% or weakest since 27-years ago. The data is not out of expectation as traders and investors observing trade war development between U.S and China. Analysts mentioned China’s economy gradually switch from manufacturing to domestic growth.
Meanwhile, U.S stock market set to continue its bullish movement. At the current time DJIA futures gain 30 points.
Asian & European Stock market
Asian stock market cautiously higher. Japan’s Nikkei closed, China stock market up 11.64 (+0.40%) to 2,942.19, and Australia ASX 200 down 43.50 points (-0.65%) to 6,653.00. European stock mixed. DAX Germany up 0.31%, UK FTSE down 0.01%, Euro STOXX600 up 0.06%.
Dow Jones Industrial Average (INDU)
DJIA continues its upward movement and printed another all-time high. There is no reason to short equity market yet as there is no sign of a slowdown in the bullish movement. If DJIA turns lower then traders could eye 27,000 breakout level for a possible bounce.
Jack in the box Inc (JACK)
JACK situation is bearish after the share prices fell below daily SMA 200. However, the share prices might have reach the bottom as it trade near its support trendline. If a bounce happen then JACK will test the SMA 200. A breakout above SMA 200 will bring JACK toward the top trendline. We expect consolidation will happen between both trendlines with SMA 200 as equilibrium level.
Teradata Corporation (TDC)
TDC overall trend is bearish but there is possible major bullish reversal under progress. We could see a possible W pattern on the chart. If the share prices could continue higher from the horizontal support / resistance then we could expect TDC to start a bullish rally.