US Stock market Technical Analysis July 3, 2019

The global stock market lost risk-appetite, but U.S stock market futures climb

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The global stock market is pulling back lower as U.S threatening EU for the tariff. Asian stock market mostly lower while European stock market advance on the appointment of IMF Christine Lagarde as next ECB head after Mario Draghi. The market focus will return to economic data. Today we have ADP non-farm employment change which expected to add 140k job.

At the end of this week, traders will monitor U.S job data.

Asian & European Stock market

Asian stock market lower on trade concern. Japan’s Nikkei down 116.11 points (-0.53%) to 21,638.16, China stock market down 28.68 (-0.94%) to 3,015.26, and Australia ASX 200 up 32.30 points (+0.49%) to 6,685.50. European stock mostly higher after the appointment of IMF Christine Lagarde as ECB head. DAX Germany up +0.75%, UK FTSE up 0.58%, Euro STOXX600 up 0.69%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA attempted to print new all-time high but the index could not surpass the level. Yesterday, there is upward attempt but the index traded inside the Monday range. Today, there is an opportunity for upward movement again as the index futures notch gain of 62 points before market open.

Will we see a fresh all-time high today?

American Tower Corp (AMT)

AMT share prices projection is inside the channel shown on the chart. The share prices currently traded near the bottom of the channel and the SMA 50. There is an initial sign of bounce from both support levels. Traders could use the moment to enter long positions with top of the channel as a target.

Lennar Corp (LEN)

LEN share prices holding out at the daily SMA 200. But we might see further bearish pressure building on the share prices. Traders could see the bearish momentum candlestick printed before which break below SMA 50 & 100. If the share prices could move higher then SMA 100 will become the resistance to watch.

At the current time, LEN might trade between trendline and SMA 100 until breakout happens.

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