US Stock market Technical Analysis June 20, 2017 – FX Daily Report

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The tech stock rebound on Monday bring Dow Jones Industrial Averages and Nasdaq composite to new record high. On Tuesday, the U.S stock market looks will continue its advance as the tech shares continue its bounce. Currently, Dow Jones Industrial Averages futures up 15 points before U.S stock market open.

This week, the market will track several speeches given by The Fed member to get a hint on future interest rate hike. Earlier on Monday, both Fed President Charles Evans and William Dudley swarming the market with the hawkish comment, noting another rate hike will happen this year.

Another Fed member Stanley Fischer sounded concern on pivotal housing roles in the financial crisis. He noted the market might already forget as house prices already high and keep rising under low interest-rate environment.

Other market

Asian stock market under cautious note awaited announcement about China A-Shares inclusion in MSCI list. The stock market closed in a mixed performance with Nikkei gaining more than 0.81% while Australia ASX 200 down 0.83% and China Shang Hai Composite down 0.13%.

European stock market is mostly positive as major currencies pull-back against U.S dollar. The advance of the dollar also drives crude oil prices down to new yearly low. The price hit $43.15 and looks vulnerable for further downside.

Technical Analysis

Dow Jones Industrial Averages (INDU)

The upward movement in DJIA printed new record high, and looks will continue higher today as the index futures is positive. The upside target for the index is located at 22,000 psychological number. Without any change to the current sentiment, we might see the index reach the target in several weeks or months.

Starbucks Corp (SBUX)

The share prices downward movement stopped when it hit flip area shown on the daily chart. The price currently closed above the daily SMA 50 and might move further upside if the price could close higher today. Traders could look for long position with stop below the previous swing low at $58.87

First Solar Inc (FSLR)

FSLR is showing sign of bullish trend development. The share price made higher high and higher low on the daily chart and flipped above the daily SMA 200. It currently under consolidation after hitting the previous extreme high and the support seen near the daily SMA 200. The price may or may not hit the daily SMA 200 before further upside.

If it could move above previous extreme high above $40, it could start a new bullish trend.

Other watchlist

COST – might continue slide lower to the daily SMA 200. If the price reached the averages and formed a bullish pattern, it might provide an opportunity for a long position.

HPQ – an initial sign of bounce from daily SMA 100, traders could look for a long position.

S – A close above daily SMA 200 is important for the share price. If it could close above the averages, it might trigger more buying.

JWN, HOG – approached its daily SMA 200 from below, might bounce lower.

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