Fresh all-time high expected today
The stock market set to trade higher today after China agrees with U.S to remove tariffs together in phase one of trade negotiation. It is the positive news and but the market will need to wait until December for actual agreement to be signed as the meeting between President Trump and China’s Xi Jinping postponed.
Aside from the news, traders and investors will focus on UK BOE interest-rate announcement.
Asian & European Stock market
The Asian stock market mostly positive after U.S-China agrees to cancel tarriff. Japan’s stock market up 26.50 points (+0.11%) to 23,330.32, China stock market up 0.12 points (0.00%) to 2,978.71, and Australia ASX 200 up 66.40 points (+1.00%) to 6,726.60. The European stock market also on the path higher. DAX Germany up 0.72%, UK FTSE up 0.16%, Euro STOXX600 up 0.23%
Dow Jones Industrial Average (INDU)
More bullish pressure seen in the index today as the index futures pointed upward 150 points before the market open. Optimism on the U.S-China trade negotiation boosted the market and more fresh all-time high expected. At the current time, traders will avoid taking short positions in equity.
Amerisourcebergen Corporation Com (ABC)
ABC share prices broke out of the triangle pattern on its daily chart. The share prices manage to reach $90.00 handle before turned lower. ABC currently traded near the broken trendline and might bounce from it. Traders could look for long positions with a stop below the daily SMA 200.
American Tower Corp (AMT)
AMT pushed lower after breakout below its bullish channel. The share price reached the daily SMA 200 this week. It might bounce from the averages but traders will consider the ongoing bearish pressure. A close below the averages at the end of the week is a major blow for the bullish trend.