DJIA set to break above 27,000 today
Wallstreet is ready for another bullish day as DJIA futures pointed upward before market open. Traders and investors are watching the release of August Producer price index today. Aside from the data, tomorrow ECB will set benchmark interest-rate which should impact the global economy.
Next week, The Fed will meet and announce interest-rate. The market expects the Fed to cut interest-rate by 25 bps to 2.0%. Dow Jones Industrial Averages closed near 27,000 yesterday. It might attempt to breach 27,000 handles today and move further higher before next week FOMC.
Asian & European Stock market
Asian stock market mixed before tomorrow ECB decision. Japan’s stock market up 205.66 (+0.96%) to 21,597.76, China stock market down 12.39 (-0.41%) to 3,008.81, and Australia ASX 200 up 23.90 points (+0.36%) to 6,638.10. European stock market higher today. DAX Germany up 0.84%, UK FTSE up 0.98%, Euro STOXX600 up 0.77%
Dow Jones Industrial Average (INDU)
DJIA stick near resistance 27,000 and keep pressuring the resistance. No breakout or rejection reaction from the resistance. We think the index will trade between 26,000 – 27,000. However, if a breakout happens then DJIA set to print fresh high above July high.
Hersey Company (HSY)
HSY started a bearish correction after all-time high at $162.20. The share prices have moved down and test daily SMA 50 yesterday. It might extend the bearish move toward 23.6% retracement at $147.32. Deeper correction toward 38.2% Fibonacci Retracement is possible and will give traders the opportunity to enter at a discounted price.