Stock market boosted on China stimulus prospect
The stock market futures riding upward in the European and Asian session following the possible stimulus by China to weather the blow from U.S tariff. Previously, the equity market notch gain as 10% tariff against China products seen less damaging.
On the economic side, ECB President Mario Draghi scheduled to give a speech at 09.00 AM EST. U.S Energy Information administration expected to release crude oil inventories data. Forecast sees a deficit of 2.7 million barrels.
Asian & European Stock market
Asian stock market extends the previous day rally. Nikkei up 251.98 points (+1.08%) to 23,672.52, Shang Hai Composite up 30.90 points (+1.14%) to 2,730.85 and Australia ASX 200 up 28.50 points (+0.46%) to 6,190.00. European stock market also on the path up. DAX Germany up 0.17%, UK FTSE up 0.03%, Euro STOXX600 up 0.05%.
Dow Jones Industrial Average (INDU)
The index closed higher in the previous day following the bullish outlook inside the channel. Without any major change, we will see the index continue upward and reach the top of the channel.
Walt Disney Co (DIS)
DIS traded lower slowly reaching the daily SMA 100 & 200. Judging from the rate of fall, it seems the share prices might hit both averages this week. Traders could look for long position when the share prices touched either SMA 100 or 200. However, there is the possibility of breakout lower which mean traders need to place a protective stop below SMA 200.
United Parcel Service (UPS)
The gap in UPS share prices considered closed after recent sell-off from the level. It is a normal reaction as traders and investors booked profit and waiting for the next opportunity. We think UPS will test the daily SMA 100 & 200 soon. When the test happens and produces a bullish pattern, traders could enter a long position.