Hawkish Fed to pull the market down

The release of The Fed minutes of meeting deliver bearish sentiment to the market and bring equity market on the backfoot. Company earnings will come under watch again today. Alcoa (NYSE: AA) reported better than expected earnings. The company reported revenue of $3.39 billion vs. $3.31 billion expectation, eps came out at $0.60 vs. $0.36 expectation. After the result, Alcoa announces $200 million share buyback.

DHR, PM, TRV, PYPL, and AXP scheduled to report earnings after market close.

Asian & European Stock market

Asian stock market finished in red zone. Nikkei down 182.96 points (-0.80%) to 22,658.16, China stock market down 75.20 points (-2.94%) to 2,486.42, and Australia ASX 200 up 3.30 points (+0.06%) to 5,942.40. European stock traded mixed. DAX Germany up +0.10%, UK FTSE down 0.01%, Euro STOXX600 down 0.64%.

Technical Analysis

Dow Jones Industrial Average (INDU)

The bounce of DJIA from daily SMA 200 has not at the secure level yet as the bear continue attacking each day. Selling by the bear pushes the index down to daily SMA 100 before reversed up and close near its opening level. Today, the index future also pointed lower 90 points following previous day hawkish Fed minutes. The level around 25,700 will become the level to watch.

Nutanix Inc (NTNX)

NTNX is heavily bearish after the share prices slide below daily SMA 200. We have drawn a bearish channel to project price movement. If there is upside breakout, NTNX might test daily SMA 200 and continue downward.