US Stock market Technical Analysis September 20, 2019

Positivism as trade talk on the progress

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President Trump approves exemption of tariff toward more than 400 types of Chinese products. The decision was taken after considering more than 1,000 pleas from companies and entities in the U.S. It is positive news that comes out after middle-level talk in Wahington this month, before high-level talk next month.

Dow Jones Industrial Averages futures pointed upward 50 points indicating higher opening. U.S stock market indices looking to add gain and print further record high.

Asian & European Stock market

Asian stock market continues higher. Japan’s stock market up 34.64 points (+0.16%) to 22,079.09, China stock market up 7.17 (+0.24%) to 3,006.45, and Australia ASX 200 up 13.30 points (+0.20%) to 6,730.80. European stock market traded also traded higher. DAX Germany up 0.17%, UK FTSE up 0.16%, Euro STOXX600 up 0.33%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA is on the bullish track as the trade war situation between U.S and China showing positive development. We might get a fresh high this month or in the coming month. At the current time, the index is supported by 27,000 handles and might not trade below it for some time.

Amerisourcebergen (ABC)

ABC drops below the trendline and continues to move lower. In our previous analysis, the share prices expected to find support at the daily SMA 200. We could see the share prices bounces several times from the averages and currently traded inside a triangle pattern. Betting on the continuation of the bullish trend then ABC might continue upward and test the top of the triangle again.

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