US Stock market Technical Analysis October 9, 2019

U.S-China negotiation continue as China willing to discuss a partial trade deal

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China mentioned their willingness to continue trade negotiation to reach a partial deal with a condition that no more tariff implemented by U.S. Both U.S and China will enter trade talk this Thursday in Washington. The market cautiosly optimistic that at least both parties will reach partial trade agreement which will turn into full trade peace.

DJIA futures currently up more than 200 points before the market open.

Asian & European Stock market

The Asian stock market mostly lower. Japan’s stock market down 131.40 points (-0.61%) to 21,456.38, China stock market up 11.29 points (+0.39%) to 2,924.86, and Australia ASX 200 down 46.70 points (-0.71%) to 6,546.70. The European stock market turns positive. DAX Germany up 1.21%, UK FTSE up 0.68%, Euro STOXX600 up 0.59%

Technical Analysis

Dow Jones Industrial Average (INDU)

The consolidation in DJIA expected to continue between two trendlines and inside 26,000 – 27,000 range. Traders and investors might push the index upward today but we might see little reaction before tomorrow high-level trade talk negotiation.

Colgate Palmolive Co (CL)

CL share prices traded inside a triangle pattern, no breakout happen and the share prices look will test the bottom line soon. Further bearish pressure might push the share prices down to test the SMA 200. At the current time, traders could apply ranging strategies until breakout happen.

Accenture PLC (ACN)

ACN path is lower toward the daily SMA 200. At the current time, it trade between two trendlines. We expect the share prices hit daily SMA 200 before it will turn positive. However, if there is no bullish reaction from the averages then ACN might continue its bearish trend.

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