US Stock market Technical Analysis September 3, 2019

The stock market fall as New U.S-China tariff take place, Brexit uncertainty mount

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The global market is under a risk-averse approach as both U.S and China impose a tariff on each other products at the beginning of the month. Although the tension escalating, President Trump said that both parties will meet and have trade talk this month.

From the UK side, MP determined to block “No-deal” Brexit and ready to pass the bill to push Boris Johnson to ask for Brexit extension.

Asian & European Stock market

Asian stock market mixed today. Japan’s stock market up 4.97 (+0.02%) to 20,625.16, China stock market up 6.05 (+0.21%) to 2,930.15, and Australia ASX 200 down 6.00 points (-0.09%) to 6,573.40. European stock moves lower before the Brexit event take place. DAX Germany down 0.30%, UK FTSE down 0.32%, Euro STOXX600 down 0.25%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA upward movement will come to a test today as DJIA futures pointed lower more than 200 points. The index mostly influenced by trade war situation between the U.S and China. Both countries implemented tariff at the start of this month and escalate the trade tension further.

Nothing bullish for now until we have a good development in the trade war situation.

Paychex Inc (PAYX)

PAYX bearish correction has not stopped yet. The share prices soon will reach the daily SMA 200 where it is expected to find support. Meanwhile, traders will prepare to enter long positions when there are bullish reactions near the support level.

Union Pacific Corp (UNP)

UNP flip level broken downside and currently the share prices testing the daily SMA 200. We expect further bearish pressure in the share prices and the start of the bearish trend in UNP. Traders could enter short positions with a stop above the daily SMA 200.

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