US Stock market Technical Analysis October 15, 2019

Positive start of earnings season while waiting for the trade deal

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The stock market set to trade higher today as major big names reported stronger than expected earnings results. On the trade front, U.S treasury secretary Steven Mcnuchin expects tariff implementation mid-December if no deal reached between U.S and China.

From the Euro, the EU negotiator told that Brexit deal still possible. The stock market in Europe gain on the current positive development of the Brexit situation.

Asian & European Stock market

The Asian stock market traded mix today. Japan’s stock market up 408.34 points (+1.87%) to 22,207.21, China stock market down 16.84 points (-0.56%) to 2,991.05, and Australia ASX 200 up 9.40 points (+0.14%) to 6,652.00. The European stock market mostly higher on Brexit news. DAX Germany up 0.50%, UK FTSE down 0.36%, Euro STOXX600 up 0.50%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA tested 27,000 and traded near the level. Today, the DJIA futures pointed upward moderately higher at 80 points. The index might test 27,000 again and look for a breakout. If a breakout happens then we could expect the index to test the top trendline.

Toll Bros Inc (TOL)

TOL share prices moving in a bullish trend after the rally from daily SMA 200. Currently, the share prices under pressure and testing the area between $38.00 – $39.00. We might see the reaction from the area soon. If TOL moves lower then traders could wait near the daily SMA 200 to enter long positions.

Bed Bath & Beyond (BBBY)

BBBY gapped up and tested the daily SMA 200. The share prices overall trend is bearish which suggests possible bearish continuation after the test. However, the bear needs to maintain the level below SMA 200 and $13.50 to ensure the continuation of the bearish trend.

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