Hurricane Irma devastate U.S stock

U.S stock market poised to open lower as Dow Jones Industrial Averages futures down 75 points before market open. The bearish sentiment caused by Hurricane Irma which devastated Carribean Island as well as Puerto Rico. The report said this is the most powerful storm on record which hit Atlantic ocean.

Currently, the hurricane marching on Florida and make the market nervous as Florida is the biggest producer of orange in the country (Accounted for 60% of produce). Aside from orange, cotton also sees a big rise in futures prices. The market could expect an increase in grocery prices after the hurricane passed.

Technical Analysis

Dow Jones Industrial Averages (INDU)

DJIA futures are down, and the index might test its red support trend line. A break and close below the trendline is not good for the bull and will result in more selling toward 21,000.

Dollar Tree (DLTR)

DLTR previously down below its daily SMA 200 and enter bearish trend. Fortunately, recent earnings result catapulted the share prices up above its SMA 200 and turn the trend bullish. Currently, the share prices testing $83.00 – $84.00 area, if it was broken, DLTR will move toward $90.00

First Solar (FSLR)

FSLR is moving inside the uptrend channel shown on the daily chart. It is testing the bottom of the channel, and the odds are another bounce in the card. Traders could look for long position while observing if the bounce could take over $50.00. A close above $50 is significant for the bull and will lead the share prices further upside.