US Stock market Technical Analysis October 22, 2019

U.S stock market futures traded near the flat line

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We are ready for flat trading day as the market will trade cautiously ahead major events. Traders and investors are waiting for the fate of Brexit after rejection from the UK parliament. EU and UK might agree for an extension for a while. Aside from the event, the U.S-China trade discussion will come under focus. Recently President Trump shows his optimism that both sides will reach a deal.

Next week, the Fed will announce interest-rate. Current expectation see a cut of 25 bps.

Asian & European Stock market

The Asian stock market continue higher. Japan’s stock market closed for holiday, China stock market up 14.76 points (+0.50%) to 2,954.38, and Australia ASX 200 up 19.70 points (+0.30%) to 6,672.20. The European stock market also gaining today. DAX Germany up 0.26%, UK FTSE up 0.34%, Euro STOXX600 up 0.07%

Technical Analysis

Dow Jones Industrial Average (INDU)

The index show no change of direction and sticks near 27,000 resistance. We expect the index will continue its consolidation near 27,000 and the top trendline. Traders will wait for further development from U.S-China trade talks, Brexit, and next week’s FOMC meeting.

Aflac Inc (AFL)

AFL share prices traded between the daily SMA 100 & 200. The share prices have an equal possibility to move higher or lower. Traders could either trade the range or waiting until breakout happens and take position base on breakout direction.

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