US Stock market Technical Analysis June 14, 2018

U.S stock firm while Asia and Europe sour

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The announcement of rate hike and affirmation of future rate-hike in the previous day brought major averages down. Despite the good news from U.S-North Korea summit, investors & traders think interest-rate has more weight to the stock market.

ECB decide to announce end of QE by the end of December. The announcement slam Euro rate against U.S dollar, the pair has moved as high as 1.1851 before down below this week open level 1.1773, currently traded at 1.1738. Despite the bearish news to risk-driven assets, U.S stock market pitch a strong gain in the stock futures. DJIA futures up 69 points before market open.

Traders could expect some bullish movement to close the week.

Asian & European Stock market

Asian stock market closed significantly lower today. Nikkei closed down 227.77 points (-0.99%) to 22,738.61, Shang Hai Composite closed down 5.33 points (-0.17%) to 3,044.46 and Australia ASX 200 down 6.90 points (-0.11%) to 6,016.60. European stock market also took the lower path. DAX Germany down 0.32%, FTSE UK up 0.24%, and Euro STOXX 600 down 0.41%.

Technical Analysis

Dow Jones Industrial Average (INDU)

Dow Jones Industrial Averages secure level above 25,000 again and ready to continue its bullish movement. However, before any upside, it looks like we will see a retest of the broken resistance in several days. Will we see the bull maintain the advantage above 25,000?

Qualcomm Inc (QCOM)

QCOM launched above the daily SMA 200 and hit the level around $62.50 before turning down. Currently, the share prices traded back to the SMA 200 and ready to test it. Traders could look for long position when the retest produce a bullish pattern.

Harley Davidson Inc (HOG)

HOG is trading at an interesting place where there was the switch of support to resistance. It is a flip level and mostly acts as a strong level. We expect some bearish reaction in the area and think the maximum upside of HOG is the daily SMA 200. A short position inside the current area might result in a successful trade.

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