US Stock market Technical Analysis November 3, 2017 – FX Daily Report

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U.S job data come out at 261k vs. 312k expectation. The number is weaker than expected, but unemployment rate improved from 4.2% to 4.1%. There was a revision of September job data, and the number revised to 18,000 gain from initial loss of 33,000 jobs. August job data also received revision, the number revised from 169,000 gain to 208,000 gain. It means 261k + 90k result in 351k which is higher than expected.

U.S dollar reversed as soon as the data released, but the loss is not significant. Traders will wait for the overall market reaction when U.S stock market open. Will the sentiment turn bearish?

Asian stock market mixed today as Japan out on holiday. Shang Hai Composite down 12.10 points (-0.36%) to 3,371.21 and Australia ASX 200 up 28.17 points (+0.47%) to 5,959.88. European stock market edge higher, DAX Germany up 0.15%, FTSE UK flat, Euro STOXX 600 up 0.05%.

Technical Analysis

Dow Jones Industrial Average (INDU)

Dow Jones Industrial Averages continue unstoppable and ready to make record high above 23,531. There is no change to current outlook and traders will continue to ride the upward movement until the upward momentum running out of steam.

Monsanto Co (MON)

MON share prices are in bullish trend and pullback in the share prices is a chance to enter a long position. Currently, the share prices pulled back to close its gap. Most of the time the price will bounce after the gap closed. If the share prices decide to continue its downward movement, there are daily averages which are better entry points.

Merck & Co (MRK)

MRK share prices have a nice long-term bullish channel where the share prices move inside it. Currently, the share prices visit the bottom of the channel and provide traders with high-odds long opportunity. Though, on the daily chart, 10% slide in just three days is a major concern. If MRK could maintain position above the channel this month, it will provide traders with best long entry

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