Stock market ready for another skid
The sudden slip of oil prices cast a shadow on the global market growth. The market is in concern the price slide might be a sign of weakness in demand. Inflation number today might give some clue on how the economy performs. Also, the number observed by The Fed to set policy on interest-rate.
The Fed president Jerome Powell will give a speech today and tomorrow. We might have another hawkish comment, however sudden movement in oil might provide other insights to watch.
Italy defies EU on Budget
Italy rejected the call from EU to revise its 2019 budget and stick with a budget deficit of 2.4% toward Gross Domestic Products. The populist government also maintain growth view for 2019 – 2021 despite the EU and IMF disagreement over the view. Euro stumble on the news but recover before U.S Fed speech.
UK and EU reach initial draft agreement on Brexit deal
The initial draft agreement has been reached between UK and EU. However, both parties still have a big hurdle to overcome when bringing the deal to all parties. Details on the draft have not made public yet. UK Theresa May reportedly show its member of the cabinet the draft on Tuesday evening on preparation before Wednesday ministers meeting.
Asian & European Stock market
Asian stock market dragged lower by a decline in oil prices. Nikkei up 35.96 points (+0.16%) to 21,846.48, China stock market down 22.64 points (-0.85%) to 2,632.24, and Australia ASX 200 down 101.40 points (-1.74%) to 5,732.80. European stock market also joins the Asian market lower. DAX Germany down 0.52%, UK FTSE down 0.11%, Euro STOXX600 down 0.57%.
Dow Jones Industrial Average (INDU)
DJIA back to square one or the breakout point at daily SMA 200. It is a neutral situation and might decide the index next trend depend on the market reactions. Will the index bounce and continue the uptrend or break below the averages and start a new bearish trend?
Altria Group (MO)
MO closed below the bullish range and its daily averages. The closure below the range and averages could be a sign of a new bearish leg. Traders could observe the share prices movement near the averages to determine if the breakout will continue into a full-scale bearish trend.
World Wrestling Entertainment (WWE)
WWE has lost more than 30% since the all-time high at $97.69. It is soon will reach the daily SMA 200 where it expected to find support. Traders could start looking for a long position at the Fibonacci Retracement 50% or the SMA 200.