US Stock market Technical Analysis November 8, 2019

DJIA futures slightly lower on the last trading day of the week

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The stock futures slightly lower today as the market digesting U.S-China trade development. On Thursday trading session, China announced that it has reach agreement with the U.S to remove tariffs against each other. It was positive news and DJIA climbed to an all-time high.

Despite the bullish news, it seems the market still needs confirmation from the U.S side. We might not get strong confirmation this month as the meeting between President Trump and China’s Xi Jinping postponed to December. Meanwhile, traders could expect the index to continue higher and hanging near all-time high.

Asian & European Stock market

The Asian stock market mostly lower. Japan’s stock market up 61.55 points (+0.26%) to 23,391.87, China stock market down 14.53 points (-0.49%) to 2,964.18, and Australia ASX 200 down 2.50 points (-0.04%) to 6,724.10. The European stock market under pressure. DAX Germany down 0.25%, UK FTSE down 0.29%, Euro STOXX600 down 0.28%

Technical Analysis

Dow Jones Industrial Average (INDU)

There is no stop to the bullish pressure in DJIA at the current time. The index expected to continue to print fresh all-time high as long as the situation between the U.S and China improves. On the interest-rate ground, the Fed has conceded and expected to schedule rate-cut in the coming year.

Traders will continue holding long positions in equity and waiting for DJIA to make the bearish correction.

Hyatt Hotels Corp (H)

H Share prices are moving upward above daily SMA 200. It turned more bullish as a higher high printed on the chart. Currently, we have possible resistance near $80.00 and the share prices might pullback. If a pullback happens the traders could look for long positions near $75.00 and the daily SMA 200.

3M Company (MMM)

MMM comfortably moves higher and has reached the 38.2% Fibonacci Retracement level. If it continues higher then daily SMA 200 will become the resistance to watch. Aside from the averages, there is trendline resistance. We expect the share prices to slowdown near both resistances and start moving lower.

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