Stalled coronavirus bill and rising U.S-China tension to set the market back

DJIA futures higher 66 points at the current time but releasing gains earlier. We might see the stock market stall at high as congress could not reach a deal on coronavirus stimulus. Moreover, the tension between U.S and China continues to escalate.

At the current time, the market are waiting for the stimulus deal. If there is no new deal in place then we might see setback in the stock market.

Asian & European Stock market

The Asian stock mixed today. Japan stock market down 192.61 points (-0.83%) to 23,096.75, China stock market up 78.70 points (+2.23%) to 3,438.80 and Australia ASX 200 down 49.80 points (-0.81%) to 6,076.40. The European stock market also mixed. DAX Germany down 0.02%, FTSE UK up 0.13%, Euro STOXX 600 up 0.01%

Technical Analysis

Dow Jones Industrial Average (INDU)

The overall movement of the DJIA index continues to point to the upside at the current time. The index hovering near 28,000 and set to test it. Traders will continue to hold long positions in stocks for now. It is better to avoid taking short positions as the trend continues bullish for now.

Salesforce Inc (CRM)

CRM share prices traded inside a bullish channel and there is no break out of the channel yet. At the current time, the share prices traded at the bottom of the channel. Traders could use the moment to enter long positions assuming the channel will hold out.