US Stock market Technical Analysis September 14, 2018

Upbeat trade sentiment to pull the market up

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Easing trade tension between U.S and China continue help the market to recover today. Asian stock market closed the day on positive while European stock market on track higher. The market in the U.S will observe retail sales data and several speeches by Federal Reserve officers.

Fundamentally, U.S dollar currently weakens as we are getting nearer to The Fed interest-rate decision. Rate-hike is expected and might be priced in. However, more hawkish The Fed will pain a strong path for strong U.S dollar. Meanwhile, we might see subdue action and ranging movement into the meeting.

Asian & European Stock market

Asian stock market closed in green area today. Nikkei up 273.35 points (+1.20%) to 23,094.67, Shang Hai Composite down 4.93 points (-0.18%) to 2,681.65 and Australia ASX 200 up 36.60 points (+0.60%) to 6,165.30. European stock market also climbs higher. DAX Germany up 0.27%, UK FTSE up 0.34%, Euro STOXX600 up 0.23%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA set to rally today as trade tension between U.S-China softening. The index path technically pointed upward inside the bullish channel. If there is no change in the situation then we will see the index moving upward today also in the coming week.

Arrow Electronics Inc (ARW)

ARW showing trouble to move up above the daily SMA 200 and print only one successful breakout above it in the 1-year span. The share prices currently bouncing from the bottom of its bullish channel and ready to challenge the daily SMA 200 again. Will we see the share prices break above the averages and continue toward the top of the channel?

Red Hat Inc (RHT)

RHT is hovering between the daily SMA 100 & 200. There are two interesting scenarios to watch in RHT share prices. The first one is triangle consolidation, it is the range produce when RHT fell in July and the pattern has not broken yet. The second is earnings gap, overtime gap will be closed.

Will we see upward correction and closing gap attempt by the bull? Alternatively, will we see breakout below the triangle pattern?

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