A bullish day before closing of October

U.S stock market and global market climbed on the last day of October to recover a small part of losses incurred this month. October is devastating for the equity market while it is a major winning for U.S dollar and safety assets. The situation dominated by sentiment on U.S-China trade war and fear in Europe caused by Italy budget plan.

The situation might continue in November while the market also expects further interest-rate hike by the Fed. U.S-China agreement on trade deal is the key for the upward trend in the global market. This week, there is a U.S job data announcement on Friday. The numbers might influence the Fed decision on interest-rate plan this December.

Asian & European Stock market

Asian stock market mostly higher. Nikkei up 463.17 points (+2.16%) to 21,920.46, China stock market up 34.74 points (+1.35%) to 2,602.78, and Australia ASX 200 up 25.20 points (+0.43%) to 5,830.30. European stock market also rallying. DAX Germany up 1.40%, UK FTSE up 1.50%, Euro STOXX600 up 1.65%.

Technical Analysis

Dow Jones Industrial Average (INDU)

We are trading the last day of October where Dow Jones Industrial Averages struggling to turn up and reclaim its level above daily SMA 200. It will not be an easy day for the bull as the trend favoring the bearish side. However, DJIA futures are up triple-digit at the current time and indicate higher opening level.

Traders will observe the index closing level to determine if the bear will have the lead next month.

Advanced Micro Devices (AMD)

We have not much analysis on AMD. The share prices have lost half of its value since 2018 high $34.14. AMD currently traded near its SMA 200. It is a matter of bounce or never situation for AMD and we favor a long-term bounce to happen at current supports levels.

Nike Inc (NKE)

NKE is an easy choice for the bullish position and might become an example of daily SMA 200 bounce. The company has strong fundamental after the turn to digital. In our long-term analysis daily, SMA 200 and $70.00 are the vital parts for bounce. Traders could hope the share prices will start moving up from the averages and heading higher.