US Stock market Technical Analysis September 16, 2019

Lower opening is on the card as oil prices spike on Saudi Arabia attack

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The global stock market traded lower today following the drone attack on Saudi Arabia oil processing facility at Albaiq. The attack put out 50% of the kingdom oil productions. Soon after the attack, president Trump authorize the release of oil from strategic petroleum reserve to keep the market well-supplied.

Current disruption on oil supply might effect the market temporarily but the event add further worry to the market.

Asian & European Stock market

Asian stock market is mostly higher. Japan’s stock market closed for the day, China stock market down 0.48 (-0.02%) to 3,030.75, and Australia ASX 200 up 4.30 points (+0.06%) to 6,673.50. European stock market under pressure as oil prices spike. DAX Germany down 0.56%, UK FTSE down 0.23%, Euro STOXX600 down 0.43%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA set to trade lower today as the index futures pointed lower more than 100 points. We might see DJIA testing 27,000 support level this week before the FOMC meeting. After FOMC, it is possible a bounce will happen and DJIA start moving upward to print new fresh high.

Las Vegas Sands (LVS)

A bearish engulfing pattern near the daily SMA 200 is not a good sign for the bull. LVS bound to start a bearish trend if the share prices closed lower below SMA 200. Currently, traders will monitor the reaction at SMA 200 and enter short positions when the share prices close lower.

Prudential Financial Inc (PRU)

Major resistance at the current level expected to hinder the share prices from continuing further upside. We have major resistances area between $90.00 – 92.50. The bull will have hard time to move upside and there is daily SMA 200 to watch. Traders could look for short positions at the current level with stop above daily SMA 100.

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