Brexit “No deal” vote under focus

An overwhelmingly defeat suffered by Theresa May. UK lawmaker rejected Theresa May Brexit deal proposal and will vote on “No deal Brexit” today. A fail vote will open the way to another vote (“Delay Brexit”). It seems the situation of global market could change drastically depending on the vote result.

Internationally, Boeing (NYSE: BA) expected to continue weighted by crash tragedy. More countries grounded the disastrous 737 MAX 8. The company said it is making changes on the stall-prevention systems.

Asian & European Stock market

Asian stock market slumped on Brexit uncertainties. Japan stock market down 213.45  points (-0.99%) to 21,290.24, China Shanghai Composite down 33.36 points (-1.09%) to 3,026.95, and Australia ASX 200 down 13.60 points (-0.22%) to 6,161.20. European stock market also on the path lower. DAX Germany down 0.07%, UK FTSE down 0.06%, Euro STOXX600 up 0.15%.

Technical Analysis

Dow Jones Industrial Average (INDU)

The weakness caused by Boeing clouded DJIA but it is offset by the gain in Healthcare and utility sector. DJIA might open flat today as the index futures not moving much from 0 levels. We think Brexit vote will become the trigger for the next movement. At the current time, staying flat might be the best option.

Ross Stores Inc (ROST)

ROST corrected lower to the cluster of averages on its daily chart. The share prices supported at the cluster and might bounce from it. However, a close below the averages could trigger further selling. The latest reaction is bullish which is the initial indication that a bounce will happen soon.