Midterm election result to drive the market
The election result has been out and democrat captured the control of House of representative. Meanwhile, Republican maintain the control on Senate. Democrat victory today means the parties will have the power to challenge President Trump social-economic policies. It even enabled the parties to question and impeach the President if needed.
At the current time, Dow Jones Industrial Averages futures up 178 points and U.S dollar index make significant pullback of 0.55%.
UK Brexit Deal
Looking ahead to the broad market, traders and investors also monitoring negotiation between UK Prime Minister Theresa May and European Union. UK Trade minister said to the market today, “It is impossible” to know whether a deal will be reached by the end of the year.
Asian & European Stock market
Asian stock market mixed today. Nikkei down 61.95 points (-0.28%) to 22,085.80, China stock market down 18.01 points (-0.68%) to 2,641.34, and Australia ASX 200 up 21.70 points (+0.37%) to 5,896.90. European stock market mostly higher. DAX Germany up 1.01%, UK FTSE up 1.32%, Euro STOXX600 up 1.16%.
Dow Jones Industrial Average (INDU)
The midterm election result has come out and it seems we will see a further upward continuation in DJIA. The index set to challenge the resistance level around 25,750 and daily SMA 50. A breakout above the resistance will secure new uptrend in the index.
Danaher Corp (DHR)
DHR dropped below its daily SMA 200 and currently traded back near the averages. There is bearish trendline present which will hinder the share prices from moving upside. We think DHR will print a bearish reversal pattern near both resistances and resuming its bearish trend. However, a strong breakout upside will cancel the bearish outlook.