Stock rally lead by the banking sector

The stock market shrug off trade fears sentiment and rally after Tuesday strong close lead by technology sectors. Today, the banking sector tag team with technology securing higher ground. Rally in banking sector caused by optimism and the positive result from bank stress test results released by The Fed.

Aside from the strength in the sector, European leader also reaches agreement on how to deal with the immigration problem. It could be a good sign for Europe which on the verge of breaking down.

Asian & European Stock market

Asian stock market landed higher. Nikkei closed up 34.12 points (+0.15%) to 22,304.51, Shang Hai Composite closed up 61.41 points (+2.20%) to 2,848.31 and Australia ASX 200 down 20.80 points (-0.33%) to 6,194.60. European stock climb on immigration agreement. DAX Germany up 1.26%, FTSE UK up 0.76%, and Euro STOXX 600 up 1.05%.

Technical Analysis

Dow Jones Industrial Average (INDU)

The bull came at the end of the trading session to save the day and today DJIA launch back above daily SMA 200. Support is respected and the index expected to continue its upward movement until it reaches trendline. Overall, the index recovered most of the weekly lost and perhaps it could close at the positive zone by the end of the week.

Altaba Inc (AABA)

AABA traded near its daily SMA 200 support level and could bounce from the major support level. There is no bullish reaction yet, and traders will observe the weekly close before jump in position. A bullish pattern from current level could lead to a medium-term bounce.