US Stock market Technical Analysis October 15, 2018

Futures recovered as earnings season kick-off

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The index futures mostly lower in Asian session as the stock market in Asia tumbled following Friday guidance. Traders fears persist but we might take a breather as companies in the U.S will start reporting quarterly results. In European session and U.S pre-market trading, DJIA futures show -11 points which are better than -99 points in Asian sessions.

If the situation continues, we might see DJIA open flat and start moving higher. U.S retail sales and core retail sales are the news to watch today.

Asian & European Stock market

Asian stock market pummeled by the bear. Nikkei down 423.36 points (-1.87%) to 22,271.30, China stock market down 38.82 points (-1.49%) to 2,568.09, and Australia ASX 200 down 58.60 points (-0.99%) to 5,837.10. European stock market mixed. DAX Germany up 0.45%, UK FTSE down 0.03%, Euro STOXX600 down 0.09%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA paused when the index tested daily SMA 200, it bounced and closed higher on Friday though still vulnerable. Today, the index futures move down 11 points recovered from initially -99 points which suggest a possible bullish day. But, If the bull could not hold the index above SMA 200 then we will enter bearish trend.

Nvidia Corp (NVDA)

Not much chance for NVDA bull. It needs to start buying the share prices at the current level and make NVDA bounce to continue the movement inside. Otherwise, the share prices will close below daily SMA 200 and enter a bearish trend. Traders could use this moment to take a long position with a small stop below previous week low.

Waste Management (WM)

WM share prices are moving down following the global market retreat. The downward movement almost reaches the daily SMA 100 and could move lower to SMA 200. Traders could use two first lines on the daily chart to place a long position. The third line is a support level also, however, we think when the share prices reach that level the selling pressure must be strong which suggest no buying possible.

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