No top seen yet while U.S attacked by Hurricane
Dow Jones Industrial Average futures up 17 points before market open and indicate higher open for Tuesday trading session. The stock market keeps bagging gain despite the elevated tension and Hurricane attack in U.S. The market seems more interested in The Fed stance which will be known on Wednesday rate decision.
Current expectation shows no rate increase this week. Falling dollar might get more downward momentum if the Fed is ·less optimistic especially if the third rate-increase cancelled.
Technical Analysis
Dow Jones Industrial Average (INDU)
The bull is running free on the Dow Jones Industrial Average daily chart. There is nothing to stop the uptrend yet, and the index might target 23,000 with this bullish leg.
Disney (DIS)
DIS take a bearish turn after the share prices fell below the daily SMA 200 and the downward movement did not stop. Recently, the share prices fell below its bottom of the channel and found support around $96.00. Currently, DIS is testing the bottom of the channel, attempting to regain level inside the channel.
Under current bearish pressure, it looks like the bear might bounce the price lower.
Other Watchlist
TIF, FCX – Possible bounce from the daily SMA 200.
COST – Bearish engulfing at the daily SMA 200, if confirmed could continue the bearish trend.
AZO – Testing its daily SMA 100 from below, might bounce downward.
ORCL – Sharp reversal and the share prices hit daily SMA 100, might continue downward under current momentum.