U.S stock market whipsawing as U.S-China talk ongoing

Trump-Xi talk on tariff is ongoing right now and the market trading up and down with sharp movement. However, it seems the situation continue to be sideways as the market not moving far from the opening level. Under current situation, traders will stay cautious and waiting the announcement regarding tariff before deciding to enter any positions. Friday release of Non-farm employment data could influence the market direction, but we expect more sideways movement after it.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index sideways situation has not changed yet as the index stick near daily SMA 200. There might be bearish pressure on the index today, but it managed to recover to the opening level. Nothing changed yet for now, we expect the index to continue trading sideways with bearish bias. If the index started a bearish correction, then 40,000 is the major support level to watch for bounce reactions.

Williams Companies, Inc (WMB)

WMB share prices looks forming an ascending triangle pattern where it is a bullish pattern. At the current time, the share prices is trading near the top of the pattern. If there is bearish movement to retest the lower trend line, traders could use it as a chance to add long positions. We expect bullish breakout will happen eventually. However, if bearish breakout happen and the share prices close below daily SMA 200 then the pattern might be failed.