US Stock market Technical Analysis November 6, 2019

Flat opening after record high

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DJIA expected to open flat today after a previous fresh all-time high. Traders and investors are monitoring the progress of trade discussion between U.S-China. Good news keep released and both parties might have a deal soon.

CVS Health (NYSE: CVS) and Humana (NYSE: HUM) set to report earnings before the market open. Fox Corp (NASDAQ: FOX) Qualcomm (NASDAQ: QCOM), Expedia (NASDAQ: EXPE), TripAdvisor (NASDAQ: TRIP) are set to report after the market close.

Asian & European Stock market

The Asian stock market traded mixed. Japan’s stock market up 51.83 points (+0.22%) to 23,303.82, China stock market down 12.97 points (-0.43%) to 2,978.60, and Australia ASX 200 down 36.90 points (-0.55%) to 6,660.20. The European stock market also traded mixed. DAX Germany up 0.11%, UK FTSE down 0.04%, Euro STOXX600 up 0.07%

Technical Analysis

Dow Jones Industrial Average (INDU)

The bullish run of DJIA continues and no stop yet to it. The index might print further all-time high and traders better avoid taking short positions in equity. Wait until pullback happens before entering long positions. On the other hand, wait until a major bearish reversal pattern formed before entering short positions.

Dupont De Nemours Inc (DD)

DD is moving in a bearish trend below the daily SMA 200. The price consistently making lower low and lower high. At the current time, the share prices are testing the daily SMA 200. If DD could close above the averages then traders could expect the change of trend into bullish.

Long positions will become possible after a close above SMA 200 happen.

Allegheny Technologies Inc (ATI)

ATI share prices are at a cross point. The share prices move upward and print higher low on the chart. At the current time, it will challenge the daily SMA 200. ATI might get rejected from the averages and looking for support around $20.50 or the daily SMA 100.

Although there are bullish possibilities in the share prices, traders might want to consider short positions for now and wait until daily SMA 200 broken to enter long-term long positions.

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