Boeing continues to pull the market down while eyes focus on Brexit vote

The bearish sentiment caused by the fatal crash of Boeing 737 Max 8 still clouds the market. Share prices tank as more countries bans the usage of the plane until further notice. While the market will come under pressure, all eyes will focus on Brexit vote today. On Monday, Theresa May secure agreement from EU on new Brexit deal. Today, Brexit lawmaker will vote on the deal to pass or to block the deal.

If the deal blocked then we will have a hard-Brexit which will pull the global market down sharply.

Asian & European Stock market

Asian stock market mostly higher. Japan stock market up 378.60 points (+1.79%) to 21,503.69, China Shanghai Composite up 33.31 points (+1.10%) to 3,060.31, and Australia ASX 200 down 5.40 points (-0.09%) to 6,174.80. European stock market is down except for the UK market. DAX Germany down 0.23%, UK FTSE up 0.36%, Euro STOXX600 down 0.23%.

Technical Analysis

Dow Jones Industrial Average (INDU)

The doom and gloom after the Boeing crash case erased by a rally in technology sector yesterday. DJIA launched sharply from the level near daily SMA 200 and ready to challenge 25,800 – 26,000 again. Today, the market experience optimism on Brexit as UK PM won assurance from EU before a major vote by MP today.

If DJIA could surpass 25,800 – 26,000 area then the index set for another bullish leg.

TD Ameritrade (AMTD)

AMTD on the verge of bounce or slump from the daily SMA 200. If a bounce happens then AMTD expected to test the bearish trendline shown on the daily chart. On the other hand, a slump from the current level will trigger bearish leg to test daily SMA 100.

Seagate Technology (STX)

STX moving up with strong momentum surpassing the daily SMA 200. There is bearish trendline to watch on the upside and the $50.00 resistance. Under current strong bullish momentum, we expect STX to breakout higher and reach $50.00.