Market Can Still Go Either Up Or Down 市场仍然可升可跌

Weak Chinese industrial profits, Caterpillar(CAT) earning miss and disappointing guidance and Nvidia (NVDA) profit earning are driving US stocks sharply lower. At 11:45 Pacific Time, Dow is down  272 ,S&P 500 -27, Nasdaq -91 and Russell 2000 -10.5 . After initial drop, the market has been consolidating sideway in the lower 1/3 of today's range. Weak sectors are Oil USO, Oil stocks OIH, Biotech IBB, Internet FDN, Software IGV, Social Media (SOCL) and Consumer Discretionary XLY.

Technically, major market indexes all formed bearish Abandon Baby candle pattern. However, Dow is still bounded by it's 50 and 200 day moving averages. With 50 day moving average 24198 as support and 200 day moving average 24977 as resistance. Even though the stock market is biased to the downside now, the Dow can still break either up or down since there will be a lot of event this week that can move the market either way.  (Please refer to blog https://tradeideablog.blogspot.com/2019/01/important-events-to-watch-this-week.html for event calendar).

Wait and see is still the way to deal with the market at the moment.

疲软的中国工业利润，卡特彼勒（CAT）收益低于预期和令人失望的指引以及Nvidia（NVDA）的盈利的预警推动美国股市大幅走低。太平洋时间11:45，道指-272，标准普尔500 -27，纳斯达克-91和罗素2000 -10.5。在开盘下跌之后，市场在今天幅度的下1/3范围内一直在盘整。弱势板块是石油USO，石油股OIH，生物技术IBB，互联网FDN，软件IGV，社交媒体（SOCL）和非必需消费品XLY。

技术上，主要市场指数均形成看跌的弃婴蜡烛模式。然而，道琼斯指数仍然被50日和200日移动均线限制着。50日均线24198是支撑而200日均线24977是阻力。即使股市现在偏向下行，但道指仍然可能上涨或下跌，因为本周会有很多事件可以推动市场两边走。 （请参阅博文https://tradeideablog.blogspot.com/2019/01/important-events-to-watch-this-week.html查看事件日历）。

观望，仍然是目前应对市场的策略。