Near 0 opening level expected today
U.S stock market set to open flat as DJIA futures traded up 5 points at the current time. Traders might want to continue to avoid taking short positions for now as the index continue printed fresh all-time high. The market is assessing the possibility of a trade deal between the U.S and China.
It is better to either continue holding long positions in equity or waiting for a bearish correction to add positions. Next month will be crucial as a phase one trade deal might happen.
Asian & European Stock market
The Asian stock market traded mixed today. Japan’s stock market up 64.45 points (+0.28%) to 23,437.77, China stock market down 3.87 points (-0.13%) to 2,903.19, and Australia ASX 200 up 63.10 points (+0.93%) to 6,850.60. The European stock market slightly higher. DAX Germany up 0.27%, UK FTSE up 0.47%, Euro STOXX600 up 0.28%
Dow Jones Industrial Average (INDU)
It is clear the trend of DJIA continues bullish and hardly there is a reason to short the equity market. DJIA printed a fresh all-time high yesterday and expected to continue print more fresh high in the coming days. Wait until correction happens to enter long positions in the equity market.
Qualcomm Inc (QCOM)
QCOM bullish trend halted at the current time and the share prices started a bearish correction. We could see major horizontal support line and the uptrend line below. When the share prices reach either level, traders could take long positions with a stop below the SMA 200.