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Dow Jones Chart Warns of a Top as Asia Pacific Stocks Aim Lower

Dow Jones Chart Warns of a Top as Asia Pacific Stocks Aim Lower

2019-01-29 06:00:00
Daniel Dubrovsky, Analyst
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Asia Pacific Markets Wrap Talking Points

  • Asia Pacific stock indexes followed Wall Street lower with some intraday gains
  • AUD/USD initially declined after local business confidence missed expectations
  • Market mood may deteriorate as Dow Jones Industrial Average chart hints top

Find out what retail traders’ equities buy and sell decisions say about the coming price trend!

As expected, Asia Pacific benchmark stock indexes traded lower following a rough day on Wall Street. Souring sentiment amidst disappointing earnings reports and charges against Huawei sent the S&P 500 gapping lower is closed to the downside. The latter could complicate US China trade talks. During Tuesday morning trade, Huawei’s spokesman denied committing the asserted violations.

While Asia stocks generally traded lower, there was a mild recovery during the latter half of the session. Still, the Nikkei 225 was down about 0.25% as it risked turning lower amidst a bearish reversal pattern. Australia’s ASX 200 fell about 0.53% as we headed towards the close. China’s Shanghai Composite also dropped roughly 0.49%.

Looking at currencies, AUD/USD aimed lower as regional bourses initially declined. The Australian Dollar then succumbed to additional selling pressure after domestic business confidence wobbled. It perhaps isn’t too surprising to see the slight uptick in market mood. This week is jam-packed with event risk for currencies such as the pro-risk AUD and NZD. It also extends into equities.

S&P 500 futures are pointing lower as the European and US trading sessions loom ahead. This suggests that sentiment can continue deteriorating. This might be the case if upcoming US consumer confidence misses expectations given the uncertainties surrounding the partial government shutdown which may come back to haunt investors.

Dow Jones Industrial Average Technical Analysis

For those closely following US financial markets, the Dow Jones Industrial Average is showing an early warning sign that it may be readying to turn lower. On the daily chart below, a Shooting Star candle and negative RSI divergence are present. The former represents indecision while the latter indicates fading upside momentum. A daily close under 24,262 and the near-term rising support line from earlier this month might be that confirmation.

Dow Jones Industrial Average Daily Chart

Chart of Dow Jones Industrial Average

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--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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