DJIA more green before market open

U.S stock market set to slide today following weak earnings result from big names. Chipotle Mexican Grill (NYSE: CMG) drop more than 10% in the pre-market session. The company reported earnings per share of $0.69 vs. $1.64 expectation. The slip of earnings attributed to the hurricane Harvey and Irma which disrupted company operation between August and September.

Another major name, Advanced Micro Device (NASDAQ: AMD) slide more than 9% in pre-market. The company reported earnings per share of $0.10 vs. $0.08 expectation. Revenue comes out at $1.64 billion vs. $1.51 billion expectation. The company guided for the decline in the fourth quarter which scares investors away from its shares.

Asian stock market mostly up except for Nikkei. Nikkei down 97.55 points (-0.45%) to 21,707.62, Shang Hai Composite up 10.06 points (+0.30%) to 3,398.30, and Australia ASX 200 up 7.98 points (+0.14%) to 5,905.60. European stock market traded mix today. DAX Germany up 0.01%, FTSE UK down 0.52% and Euro STOXX 600 up 0.10%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA continue building bullish momentum above 23,000 and there is no sign of weakness yet as the index closed higher on Tuesday. It is only half-way from 24,000 and should reach it sooner than expected.

International Paper (IP)

IP is in a bullish trend and testing the $58.90 – $59.00 resistance area. There is possible bullish cup&handle pattern on the daily chart. If IP fall from the current level, traders could observe price reaction near daily SMA 100 or 200. If the price halt drops and starts a rally, it might move past $59.00 without much trouble.

On the other hand, a break and close above $59.00 also bullish and set aside the cup&handle pattern.