U.S stock futures trade near flat
The stock market in the Asian and European region slightly lower today as China’s inflation data come out higher than expected. We might see the market traded cautiously as traders waiting for the release of U.S CPI data. Previous CPI data increased 4.2% on annual basis and the current CPI is expected to rise 4.7% from the previous year.
If the CPI number shows a higher number than expectation then we might see a pullback in the stock market as it could become confirmation for next week FOMC to start to tighten the policies.
Asian & European Stock market
The Asian stock market mostly lower. Japan Stock market down 102.76 points (-0.35%) to 28,860.80, China stock market up 11.29 points (+0.32%) to 3,591.40 and Australia ASX 200 down 22.40 points (-0.31%) to 7,270.20. The European stock market also trades lower. DAX Germany down 0.03%, UK FTSE down 0.53%, and Euro STOXX600 down 0.09%
Dow Jones Industrial Average (INDU)
DJIA index mostly sideways near the top and there is no change to the situation yet. The index futures currently trading near the flat-level which indicate more sideway day. It seems traders and investors are waiting for the release of U.S inflation data before deciding where to bring the market next.
Cree Inc (CREE)
CREE share prices trading lower and reached the daily SMA 200. There was a bounce from the level which brought the share prices to test the $100.00 handle. At the current time, the share prices traded lower from the $100.00 handle and will test the daily SMA 200 again. Traders could use the daily SMA 200 as a support level to enter long positions with stops below the previous swing low.
We might see ranging movement between the averages and the $100.00 handle before the next direction is settled.