US Stock market Technical Analysis May 9, 2019

Bear set loose in the market today after Trump said “China Broke the deal”

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DJIA futures down more than 200 points after President Trump said: “China broke the deal”. It seems a deal is pretty far-fetched and China has commented will retaliate if the tariff implemented. Previously, President Trump has approved to implement 25% tariff to $200b China imported goods on Friday. There will be a second round of 25% tariff planned for additional $325b goods.

The market might continue in the “flight” mode this week. From the economic front, Fed chief Jerome Powell set to give a speech on 08.30 AM ET.

Asian & European Stock market

Asian stock market mostly lower on trade war fear. Japan’s Nikkei down 200.46 points (-0.93%) to 21,402.13, China stock market down 42.80 (-1.48%) to 2,850.95, and Australia ASX 200 up 26.20 points (+0.42%) to 6,295.30. European stock market also follow suit. DAX Germany down 0.84%, UK FTSE down 0.46%, Euro STOXX600 down 0.85%.

Technical Analysis

Dow Jones Industrial Average (INDU)

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The bear largely in control of DJIA this week and the index continue to move lower. Today, the index futures pointed down more than 200 points. It is expected to test the support 25,800 and wait for next direction after the result of trade talks between U.S-China released.

A downward movement below support 25,800 will lead the index down toward SMA 200.

TD Ameritrade Holding (AMTD)

AMTD trend is bearish below the SMA 200, but the bearish trend might come to an end soon. The share prices are not making a lower low on the chart and it trades inside a triangle consolidation. if the bull could make breakout above the triangle, SMA 200 and top trendline then AMTD set to rally toward $60.00.

On the other side, a breakout below the triangle and bottom trendline will send AMTD down to continue its downtrend.

JD com Inc (JD)

JD share prices broke below its bullish channel recently and slid toward daily SMA 200. There is support around $25.8 below the averages where traders could look for long positions if JD could reach it. As long as the share prices could maintain closes above SMA 200, JD has the probability to continue its rally.

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