US Stock market Technical Analysis February 13, 2019 – FXDailyReport.com

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On Tuesday, the market showered by more optimism as President Donal Trump opened the chance to extend the current deadline on tariff if U.S-China trade talk reaches a deal. We can expect yesterday strong session will continue today. However, the market might turn silent or defensive when tomorrow high-level trade talk under progress.

Today, the market will observe CPI and core CPI data. Expectation see 0.1% and 0.2% increase monthly.

American International Group (NYSE: AIG), Cisco System Inc (NASDAQ: CSCO), MGM Resort International (NYSE: MGM), Yelp Inc (NYSE: YELP) will report earnings after market close.

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Asian & European Stock market

Asian stock market progressed higher. Japan stock market up 280.27 points (+1.34%) to 21,144.48, China Shanghai Composite jumped 49.17 points (+1.84%) to 2,721.07, and Australia ASX 200 down 15.50 points (-0.25%) to 6,063.60. European stock market also traded at the positive side. DAX Germany up 0.17%, UK FTSE up 0.46%, Euro STOXX600 up 0.33%.

Technical Analysis

Dow Jones Industrial Average (INDU)

A possible breakout happened in the previous trading session. DJIA might be ready for further bullish movement today as the index futures also pointed higher before market open. However, traders might thread the day cautiously as U.S-China high-level trade talk will start tomorrow. The current breakout could easily slip back below the trendline and the daily SMA 200.

Alibaba Group Holding (BABA)

BABA might be an interesting share to watch as U.S-China trade talk under progress. The result from trade-talk will reflect on the share prices. Technically, BABA is challenging daily SMA 200 and flip level. The highest odd scenario is rejection from the level and BABA slide lower.

Another scenario to consider is breakout higher followed by retest on the breakout level. Traders could look for long positions when retest result in a bullish pattern.

Expedia Group Inc (EXPE)

EXPE gapped up after earnings result. The share prices however turned downside and closed lower for three days. The gap has been closed in day two and currently, it is possible the weakness will continue. Traders will watch the level around $121.00 for opportunities to enter long positions.

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