US Stock market Technical Analysis July 8, 2019

Lower chance for rate-cut bring U.S futures lower today

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On the Friday trading session, U.S non-farm payroll logged an increase of 224k vs. 162k expectation. The better than expected number dampened the market mood as it may lower the chance for rate-cut this month. At the current time, DJIA futures down 71 points and might continue lower.

We think the current reaction is temporary and traders will gauge the market true direction after the actual announcement of interest-rate.

Asian & European Stock market

Asian stock market retreated on lower chance for the Fed rate-cut. Japan’s Nikkei down 212.03 points (-0.98%) to 21,534.35, China stock market down 77.70 (-2.58%) to 2,933.36, and Australia ASX 200 down 79.10 points (-1.17%) to 6,672.20. European stock market also traded lower. DAX Germany down 0.23%, UK FTSE down 0.01%, Euro STOXX600 down 0.06%.

Technical Analysis

Dow Jones Industrial Average (INDU)

The index printed fresh all-time high in the previous week and no reaction yet at the current level. We might see the index continue further upside, but it is also possible for a major reversal to happen. It might be better to wait until next bearish correction to enter long positions.

Salesforce.com (CRM)

CRM share prices continue moving in a sideways manner and currently traded inside a triangle pattern. CRM supported at the daily SMA 200 but could not make the significant bounce. If the share prices continue making lower high with the same low at the SMA 200 then it is possible next breakout is to the Southside.

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