US Stock market Technical Analysis November 5, 2019

Strong earnings report and U.S-China optimism to drive the market

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The stock market reaches a record high yesterday, boosted by the optimism that U.S-China will reach a deal soon. Recently, China pushes the U.S to remove more tariffs implemented in September as part to reach a deal. We have a softening tone on Huawei as officials will lift the ban to sell products toward the company.

It seems the stock market will continue to push upward for a while and traders could hold on to the stocks for somewhile.

Asian & European Stock market

The Asian stock market advance higher today. Japan’s stock market up 401.22 points (+1.76%) to 23,251.99, China stock market up 16.07 points (+0.54%) to 2,991.56, and Australia ASX 200 up 10.20 points (+0.15%) to 6,697.10. The European stock market also on the path higher. DAX Germany up 0.11%, UK FTSE up 0.33%, Euro STOXX600 up 0.14%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA managed to continue moving upward and printed fresh all-time high yesterday. The index set to continue its upward movement today as the index futures pointed upward more than 50 points. There is no stop yet to the uptrend as the situation between U.S-China turns more positive.

Freeport McMoran Inc (FCX)

There is a higher high printed on FCX daily chart. It could mean the share prices will continue moving upward. However, there is daily SMA 200 which will become major resistance to watch. If FCX could surpass the averages then it will turn the trend into bullish. Above the averages, there is a $12.00 resistance.

Will the share prices breakout above the averages? Alternatively, will it resume the bearish trend?

Prudential Financial Inc (PRU)

PRU share prices are at a cross point. It currently crosses above the daily SMA 200 and reaches the level when a major drop happens. It might continue the uptrend and closed the earnings gap. However, the bull needs to maintain the position above daily SMA 200 to ensure the uptrend will continue.

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