US Stock market Technical Analysis May 8, 2019

Pessimism spread around the market before trade talk commence

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Wallstreet ready to open the day lower as index futures mostly lower before market open. Trade fear continues to cloud the market and pessimism delegation from China will secure a deal in trade talks which will commence today grow. Today, China reported a surprise drop in the trade balance data, export come out at $13.84 billion, far lower from $35 billion expectation.

Will we see an agreement reached at the end of this week?

Asian & European Stock market

Asian stock market shocked by tariff fear and slump in China export data. Japan’s Nikkei down 321.13 points (-1.46%) to 21,602.59, China stock market down 32.63 (-1.12%) to 2,893.76, and Australia ASX 200 down 26.60 points (-0.42%) to 6,269.10. European stock market also traded lower. DAX Germany up 0.08%, UK FTSE down 0.22%, Euro STOXX600 down 0.29%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA tumbled in the previous trading day, crossed below 26,000 before closed the day at 25,965. The breakout happened but there is a chance the bull could reverse current bearish breakout. However, DJIA futures pointed lower more than 130 points which indicate the bearish movement has not finished yet.

Las Vegas Sands (LVS)

LVS share prices movement is inside the bullish channel shown on the daily chart. At the current time, the share prices have reached the bottom of the channel also the daily SMA 50. If the bull could maintain the positions above the bottom of the channel and the SMA 50 then we could expect a bounce and bullish continuation.

On the other hand, a breakout below both support levels will send LVS down to test daily SMA 200.

Petroleo Brasileiro SA (PBR)

PBR pulled back from the top $17.90 and touch the level near SMA 200 yesterday. The share prices have a long-term bullish trendline present below the averages and might become the level to look for a bounce. Long positions near SMA 200 or the trendline is an option, traders could take with the top trendline as the target.

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