U.S stock market set to slide on Monday

The DJIA futures are lower 200 points before the market opens and indicating a lower opening. The European stock market mostly closed on the Easter Monday holiday. At the current time, traders and investors will continue to monitor the coronavirus development.

On Monday, OPEC and allies reach record deal on a production cut. The oil cartel and allies agreed to cut oil production by 9.7 million barrels each day between May – June. Oil prices initially higher but move back below its opening level.

Asian & European Stock market

The Asian stock market mostly lower. Japan’s stock market down 455.10 points (-2.33%) to 19,043.40, China stock market down 13.58 (-0.49%) to 2,783.05 and Australia ASX 200 closed. The European stock market closed for Eastern Monday.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA upward movement will turn to the downside today as DJIA futures down more than 300 points. The current upward movement is a corrective movement and traders might want to be careful if entering long positions in the equity market.

If DJIA close below 22,558 then it might resume its bearish trend.

Intel Corp (INTC)

INTC share prices made bearish close near the daily SMA 50 & 100. The share prices might move further lower and test the daily SMA 200. If the share prices could maintain the positions above the averages then traders could start entering long positions. However, the downturn in the global market might not end yet. Traders might want to prepare if the share prices continue moving below SMA 200.