US Stock market Technical Analysis May 17, 2017 – FX Daily Report

This post was originally published on this site

Shadow cast upon President Trump over FBI cases. After firing the chief, President Trump asks the ex-chief to stop the investigation on former National Security Adviser Michael Flynn. Traders expected tax reform which will boost the market, but under current scandal, it looks like all hope could be put aside for a while. The market in Asian and Europe suffer losses today

The market in Asian and Europe suffer losses today. Unless government in U.S could convince the market on what to do regarding the scandal, it looks like the sentiment will continue.

Technical Analysis

Dow Jones Industrial Averages (INDU)

DJIA stuck near the 21,000 resistance level, and looks will retrace today after the index futures show -86 points before market open. The bearish sentiment is strong and could bring the index near the daily SMA 50 or lower.

Eli Lilly & Co (LLY)

The price currently testing the daily SMA 200 and fell sharply toward it. If LLY could bounce and print a bullish candlestick, it might lead to reversal and traders could get the best place for a long position.

Other Watchlist

S – the range between daily SMA 200 and the $8 handle is interesting to watch. Will it break upward or downward?

INTC – possible bullish attempt toward the lower channel. Traders could look for a long position if the price continues and close inside the channel.

APD – bounce from the daily SMA 200. Chance for the bull to push the price upward.

LLL – the first-time touch of daily SMA 100 since the start of this year.

This post was originally published on *this site*