US Stock market Technical Analysis October 13, 2017

More record high on the card?

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DJIA is getting near to 23,000, and there was another record high printed on the previous trading day. Similar to previous day outlook, it is not the best time to look for a short position yet. Moreover, it is the worst time to look for a long position. Traders will watch CPI and retail sales data today. Also, The Fed Evans & Kaplan scheduled to give speeches later today.

Asian stock market bagged gain after China trade data even though the export lower than expected.  Nikkei up 200.46 points (+0.96%) to 21,155.18, Shang Hai Composite up 5.44 points (+0.16%) to 3,391.54 and Australia ASX 200 up 19.69 points (+0.34%) to 5,814.15. European stock market also edges higher. DAX Germany up 0.10%, UK FTSE down 0.27%, Euro STOXX 600 up 0.32%.

Technical Analysis

Dow Jones Industrial Average (INDU)

More record high achieved by DJIA in the previous day trading session. However, the index slipped after lack of direction trading. The index moved inside 100 points range and might continue sideways in the last day of the week. The direction stays bullish, and traders might stay sideline for now.

Amgen Inc (AMGN)

Simple technical setup on AMGN daily chart. The share prices move past the trendline resistance and currently back to test it. A successful test of the trendline will lead AMGN higher. The odds are high, and traders could place an order with a stop below the daily SMA 50.

Coca-Cola (KO)

KO fell below its daily SMA 100 and outside of the bullish channel. The selling bottomed near $44.50 and launch the share price above its averages. The share prices currently testing its broken channel from below where there is top of range around $46.00 – $46.50.

It is a good level to look for a short position as long as the price stays below the resistance $46.00 – $46.50.

Other Watchlist

AIG – Testing daily SMA 200 from below, look for bearish pattern near the averages.

NOK – Getting near its daily SMA 200, possible bounce upside.

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