U.S stock market set to trade lower as earnings season kick-off

DJIA futures lower 135 points today following the kickstart of earnings season. Today, traders’ attention mostly will focus on Apple’s iphone launch, share prices currently up more than 2%. Aside from Apple’s iphone launch, Amazon prime day started today. The two days event will boost AMZN share prices as it could become the biggest online shoping day of the year.

Stimulus negotiation is also monitored and no change to the situation yet.

Asian & European Stock market

The Asian stock market continues higher today. Japan stock market up 43.09 points (+0.18%) to 23,601.78, China stock market up 1.28 points (+0.04%) to 3,359.75 and Australia ASX 200 up 63.70 points (+1.04%) to 6,195.70. The European stock market took beating. DAX Germany down 0.80%, UK FTSE down 0.27%, and Euro Stoxx600 down 0.35%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index extended its bullish movement and almost reach the 29,000 handles. The index has not shown any sign of weakness which means traders will maintain the bullish sentiment in equity. The index futures currently lower 135 points which indicate possible bearish correction toward 28,000. If bearish correction happens then DJIA expected to range between 28,000 – 29,000.

International Business Machine (IBM)

IBM share prices have broken out of the triangle pattern and made a bearish correction toward the breakout point. If the bull could maintain the positions above the top of the triangle or the daily SMA 200 then traders will expect bullish bounce to happen.

Long positions could be taken near the daily SMA 200.