Stock market shrugged trade issue and advance

The stock market has been on the “Ear-off” mode on trade issue and chooses to focus on economic data. Dow Jones Industrial Averages posted a new record high in the previous trading day and it seems the bull has not finished yet. DJIA futures pointed upward 24 points in the pre-market trading.

Asian & European Stock market

Asian stock market marches higher today. Nikkei up 195.00 points (+0.82%) to 23,869.93, Shang Hai Composite up 68.24 points (+2.50%) to 2,797.49 and Australia ASX 200 up 25.10 points (+0.41%) to 6,194.60. European stock market also marching behind the Asian stock market. DAX Germany up 0.43%, UK FTSE up 0.84%, Euro STOXX600 up 0.35%.

Technical Analysis

Dow Jones Industrial Average (INDU)

A touch down on the all-time high and top of the bullish channel happened yesterday. Dow Jones Industrial Averages disregarding all negative issue in the global market and seizing a new high. The movement of the index might continue higher after this and there is nothing to do at the moment.

Chevron Corp (CVX)

CVX has two scenarios to watch at the current level. The share prices look rejected from a level near daily SMA 200 and ready to resume its bearish trend. If it could clip below the trendline then we could expect the bearish trend will continue. On the other hand, there is a possibility CVX could bounce from the trendline and trade between two trendlines. Traders could see the price reaction at the current level and jump in position as strong pattern or price movement emerge.

Box Inc (BOX)

BOX steadily moving down inside the bearish channel shown on its daily chart. Despite the bearish pressure, there is at least two bounce from the daily SMA 200. Currently, the share prices are testing the SMA 200 and holding above it. Will we see a bounce from the SMA 200 or continuation toward the bottom of the channel?