US Stock market Technical Analysis November 8, 2018

The Fed comes back under focus

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The midterm election of U.S resulted in Democrat taking back the House of representative from Republic. The result is vital and could halt President Trump movement in making Social economy policies. U.S dollar index losing ground initially but recover all of the losses before the closing of the market. It seems traders and investors getting ready for The Fed rate decision today.

A hawkish outlook and commentary might pressure the stock market and bring the U.S dollar up again. Traders might want to monitor today rate-decision to determine the long-term trend.

Asian & European Stock market

Asian stock market mostly higher. Nikkei up 401.12 points (+1.82%) to 22,486.92, China stock market down 5.71 points (-0.22%) to 2,635.63, and Australia ASX 200 up 31.30 points (+0.53%) to 5,928.20. European stock market mixed. DAX Germany down 0.17%, UK FTSE up 0.40%, Euro STOXX600 up 0.30%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA cleared daily SMA 50 and the level around 25,750 to launch above 26,000 in the previous day. It seems the bullish trend has not stopped yet and opportunity open for another fresh high this year. However, the index might open lower today as the market return its focus on The Fed. Without any close below SMA 50 or 25,750, it is safe to assume the index will continue upward.

CREE Inc (CREE)

CREE is not heavily depended on its daily SMA 200. Rather than respecting daily SMA 200, the share prices respect SMA 100 more. Currently, there is little room upside for the share prices and traders could hold a long position until CREE hit daily SMA 200 or SMA 100. Shorting near the SMA 100 might be considered when there is rejection.

Other Watchlists

JBLU – Possible rejection from the daily SMA 200 or SMA 100 and the share prices will continue its downtrend.

DE, JPM – Wait for bearish reaction at the daily SMA 200 before placing short positions. Watch out for breakout upside also if the global market situation switch suddenly.

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