Cautious bullish Monday

The stock market expected to open higher today as Dow Jones Industrial Averages futures up 16 points before market open. The most interesting news to cover on Monday is the release of “Paradise Paper” which expose tax haven of the mega-rich. Several names in The President Trump cabinet appear on the paper which open questions. Aside from U.S, other head of country such as Queen Elizabeth name also mentioned in the paper. The development and investigation of this paper should influence the market in coming days.

Asian stock market mixed today. Nikkei up 9.23 points (+0.04%) to 22,548.35, Shang Hai Composite up 17.37 points (+0.52%) to 3,389.12 and Australia ASX 200 down 6.10 points (-0.10%) to 5,953.78. European stock market also mixed, DAX Germany down 0.11%, FTSE UK up 0.02%, Euro STOXX 600 up 0.06%.

Technical Analysis

Dow Jones Industrial Average (INDU)

Dow Jones Industrial Averages continue to make record high and no slowing down yet. Currently, the index sits at 23,539 and halfway toward 24,000. It is high odds the index will reach 24,000 as earnings session support it, and there is possibility tax-bill approved. It is only a matter of time the index will reach 24,000 landmarks.

William Sonoma (WSM)

WSM appear on the bullish radar as the share prices fell from its top of bullish channel. The share prices currently moving near its bottom of the channel and the daily SMA 200. If bounce happen, we could see WSM continue moving inside bullish channel.