US Stock market Technical Analysis September 17, 2019

U.S stock market on the pullback as The Fed kick-off meeting and oil surge

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The surge in oil prices put the market under check yesterday. The bearish situation also looks will continue today and DJIA futures pointed lower. Traders and investors are waiting for the Fed interest-rate decision. The Fed expected to lower-interest-rate by 25 bps.

If no rate-cut happen the stock market might start moving lower again. We expect not much movement happens in the stock market until tomorrow the Fed rate decision.

Asian & European Stock market

Asian stock market mixed. Japan’s stock market up 13.03 points (+0.06%) to 22,001.32, China stock market down 52.64 (-1.74%) to 2,978.12, and Australia ASX 200 up 21.80 points (+0.33%) to 6,695.30. European stock market traded under pressure. DAX Germany down 0.35%, UK FTSE up 0.14%, Euro STOXX600 down 0.25%

Technical Analysis

Dow Jones Industrial Average (INDU)

The index slightly lower yesterday as oil supply disruption happened. It might move lower today and target 27,000 handles. But, traders could expect not much movement will happen before this week FOMC meeting. We are gearing for rate-cut which could boost the index and over-delivery by the Fed should send DJIA flying.

Without rate-cut or confirmation for future rate-cut then DJIA might fall-back below 27,000 handles and target 26,000.

Kimberley Clark Corp (KMB)

KMB weakness soon will reach the daily SMA 200. Bullish positions could be considered when the share prices reacted bullishly on the SMA test. At the current time, it is a waiting game and there is a possibility that KMB will not hit SMA 200.

Shopify Inc (SHOP)

SHOP gapped lower below 23.6% retracement level but managed to close near it. Coincidentally, the 23.6% retracement level also marks the previous earnings candlestick close. We might get a bullish reaction soon if SHOP will continue its bullish trend.

Otherwise, SHOP might consolidate between SMA 100 and the 23.6% Fibonacci Retracement level.

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