U.S stock market prepare stage for Powell

The next Fed chief Jerome Powell scheduled to give a speech in front of the senate on 10.00 PM Eastern time. The speech will give the market clues on how he plans to operate the Fed when Janet Yellen leave the office. Some source said Powell expects to continue on the course laid by Yellen which is hiking interest-rates and shrinking The Fed balance sheet.

Asian & European Stock market

Asian stock market mixed on Tuesday. Nikkei down 9.75 points (-0.04%) to 22,486.24, Shang Hai Composite up 11.43 points (+0.34%) to 3,333.66 and Australia ASX 200 down 4.52 points (-0.08%) to 5,984.25. European stock market on the other side book gain. DAX Germany up 0.34%, FTSE UK up 0.63%, and Euro STOXX 600 up 0.51%.

Technical Analysis

Dow Jones Industrial Average (INDU)

Dow Jones Industrial Averages setup for higher open today as the index futures gained 38 points before market open. On the daily chart, the index print new record high Yesterday. Will the index print another record higher and close above 23,600 resistance?

Lululemon Athletica (LULU)

LULU previously closed the earnings gap at $64.00 and continued further upside with a breakout. The breakout looks losing steam and ready for a correction. When the share prices move down, traders could watch level around $64.00 for a long position.

Tiffany & Co (TIF)

TIF share prices movement slowly tighten between two trendlines. The trend is sideways for the moment, and traders are waiting for triggers to move the share prices outside of the current range. While the trend is sideways, traders could trade both sides until breakout happens.

Other Watchlist

GES – The share prices gapped down and reached the daily SMA 100. There is bullish reaction yet, and it might continue lower to the daily SMA 200. Traders could look for long position when the bearish pressure receded either at SMA 100 or 200.

WDC – The bear pushes the share prices lower to its daily SMA 200. Looks for bullish pattern near the averages.