Global market lookout to ECB

U.S stock futures mostly lower on Thursday before ECB interest rate announcement. Although there is no major change to the central bank policies expected, it is noteworthy to hear Mario Draghi speech. The central bank seen more positive on economic outlook and the hawkishness of the bank sapped fund around the world to Europe.

On U.S economic front, the market will look at unemployment claims data and U.S crude oil inventories. Consensus is 245k benefit claimer for unemployment claims and 4.1 million barrels increase in the crude oil inventory.

Technical Analysis

Dow Jones Industrial Averages (INDU)

DJIA holding above the red trendline and the daily SMA 50. Previously, the index gapped up after President Donald Trump secure a deal to raise debt ceiling to fund government for three months. Although it is positive, the index might open lower today to test the support level again.

Costco Wholesale (COST)

COST is moving near its daily SMA 200 and the top of range. The share prices previously move sharply lower after touched the daily SMA 200. If the bull could maintain the price near the resistance level, it looks like sharp breakout above resistance is on the card.

United States Steel Corp (X)

The share prices of X is on upward course after dropped in previous earnings result. It currently, moving near the resistance level around $28. Will it rejected again from the resistance? Alternatively, will it blast upside to close the gap produced in April’17?

Other watch lists

PEP – The share prices holding its ground above daily SMA 100 & 50. There is possibility of bounce upside.

LOW – Currently testing daily SMA 200 from below, might break upside. Wait for candlestick pattern near the averages.

PNC – The downward movement of share prices will reach daily SMA 200 soon. Look for bounce upside.