US Stock market Technical Analysis March 12, 2018

U.S job data spur the rally

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The previous week large margin in job data put the index on the road higher. The job result also spurs the rally in Asian and European stock market contradicting the inflation fear. Usually, the increase in job number means economy fared well, and it will result in The Fed adjusting policies from loose to tight. In this case, the wage growth is lower than expected and suggest there is a need to maintain current policy.

This week focus will be back to the President Trump tariff plan and political situation.

Asian & European Stock market

Asian stock market climb higher today. Nikkei up 354.83 points (+1.65%) to 21,824.03, Shang Hai Composite up 19.16 points (+0.58%) to 3,326.33 and Australia ASX 200 up 32.90 points (+0.55%) to 5,996.10. European stock market also on the path upward. DAX Germany up 0.78%, FTSE UK up 0.19%, and Euro STOXX 600 up 0.44%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA formed a triangle pattern and the index expected to move inside the pattern. In the previous week, we have a bounce from the SMA 100 which lead the index to the SMA 50. This week, both SMA 50 and the top of the triangle will be tested. Traders will observe the price movement either Dow will continue inside the triangle or make a breakout.

Anadarko Petrol Corp (APC)

APC has triangle pattern with a range around $57.5 – $60.50. Traders could trade the range with bullish bias until it is broken.

Walt Disney Co (DIS)

DIS share prices might be under pressure, but there is hope for the bull as the share prices stick near the daily SMA 200. If the bull could push higher, it will have the chance to ride new bullish leg. The support level to watch is the grey trendline and SMA 200.

Home Depot Inc (HD)

HD is moving in interesting triangle range as the rate of downward movement slowed. The share prices are waiting for a breakout now. If the trend respected, then we will see upward breakout and chance for HD to challenge $207.61 high.

McDonald (MCD)

MCD unexpectedly caught in a downward gap after ex-dividend. The share prices recoup all of its gap losses but soon will hit the top of the bearish channel. Will the bull push the price higher and returned it above the daily SMA 200? Alternatively, will it continue moving down inside the channel?


SAP has a straightforward setup where the share prices hit the daily SMA 200 from below. Traders will watch the price reaction at the SMA 200 and the horizontal resistance around $109. The strong bearish pattern is an indication the bearish trend will continue.

Target Corp (TGT)


TGT become out target today as the share prices holding out above $70.00. With a little push by the bull, we might see TGT launch to the top trendline.

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