US Stock market Technical Analysis May 16, 2018

North Korea uncertainties cloud the market

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The global market takes a downward turn today as U.S bond yield ticked higher above 3.0% handle on the expectation of interest-rate hike. Aside from the U.S, North Korea suspended talk with South Korea noting South Korea – U.S joint military exercise. The talk suspends also increasing concern on Trump-Kim planned meeting in Singapore later 12 June.

Dow Jones Industrial Averages down 27 points in the European session. The market will watch building permits data with expected annualized 3.5 million permits issued previous month. Another news to watch is the U.S crude oil inventory with a deficit of 1.1 million barrels projection.

Asian & European Stock market

Asian stock market slip today. Nikkei closed down 100.79 points (-0.44%) to 22,717.23, Shang Hai Composite closed down 22.41 points (-0.70%) to 3,169.71 and Australia ASX 200 up 9.20 points (+0.15%) to 6,107.00. European stock market flat after the open. DAX Germany down 0.01%, FTSE UK up 0.09%, and Euro STOXX 600 down 0.08%.

Technical Analysis

Dow Jones Industrial Average (INDU)

The winning streak Dow Jones Industrial Averages stopped in the previous day trading as the index rejected from daily SMA 100. It is a normal situation as the index has closed up eight consecutive days. At the current time, the index might retrace to the broken triangle level. However, it is also possible the index resume its upward movement and break the SMA 100 from the current level.

Alcoa Corporation (AA)

AA share prices pushed down from $55.00 resistance and reached the daily SMA 50 & 100. Will the share prices bounce from the level and trade sideways between $50.00 – $55.00?

Walt Disney Co (DIS)

DIS climb after previous earnings result and the share prices reached the daily SMA 200 resistance. There is grey trendline which also acts as a resistance. The bull needs a close above both resistance to clear a path upside. On the other hand, rejection from current level will help the bear to push the price back to pre-earnings level.


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