US Stock market Technical Analysis September 18, 2019

U.S stock market cautious before the Fed interest-rate decision

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The stock market futures slightly lower before the opening bell today. DJIA futures down 29 points and indicate lower opening. The Fed expected to cut interest-rate by 25 bps and announce future rate-cut. Not much traders could do at the moment. It is better to wait for the actual interest-rate announcement and press conference by Jerome Powell.

Dovish fed will ensure future rate-cut and drive the stock market higher. On the other hand, no further rate-cut could be negative for the stock market.

Asian & European Stock market

Asian stock market mixed. Japan’s stock market down 40.61 points (-0.18%) to 21,960.71, China stock market up 7.54 (+0.25%) to 2,985.66, and Australia ASX 200 down 13.70 points (-0.20%) to 6,681.60. European stock market cautiously positive. DAX Germany up 0.12%, UK FTSE up 0.05%, Euro STOXX600 up 0.08%

Technical Analysis

Dow Jones Industrial Average (INDU)

Technically, the index is testing 27,000 handles and look to bounce from it. However, today major event by the Fed may shatter technical view and cause DJIA to move wildly. We think DJIA has more room upside and prefer a bullish scenario to the bearish scenario. Let’s wait until the actual announcement and the market reactions.

TD Ameritrade (AMTD)

AMTD bullish recovery since $42.14 low almost reaches the daily SMA 200. There is a bearish trendline above the averages which should limit the upside of AMTD share prices. Traders could observe both resistance area and look for short positions when there are bearish reactions.

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