U.S stock market set to extend bullish rally

DJIA futures are moving up 217 points at the current time, indicating more than 200 points bullish opening for DJIA. U.S FDA authorize the use of convalescent plasma to treat COVID-19. The authorization is positively received by traders and investors as it might help to decrease mortality rate of COVID-19.

This week, traders will focus on the Fed Jerome Powell speech at Jackson Hole Economic Policy Symposium. It might give a clue on the Fed’s next monetary policy.

Asian & European Stock market

The Asian stock market mostly higher today. Japan stock market up 65.21 points (+0.28%) to 22,985.51, China stock market up 4.96 points (+0.15%) to 3,385.64 and Australia ASX 200 up 18.40 points (+0.30%) to 6,129.60. The European stock market also traded higher. DAX Germany up 2.24%, FTSE UK up 1.81%, Euro STOXX 600 up  1.69%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index turned higher and might not continue its downward movement toward the 27,000 handles. At the current time, the index getting near 28,000 again and will test the level. If the index could continue higher then traders will expect the index to target all-time high.

Cree Inc (CREE)

CREE share prices turned lower after the earnings result. The bearish correction has moved below the daily SMA 50 and might continue lower to target daily SMA 100 & 200. We could see a horizontal support area between $54.00 – $56.60.

When the share prices testing the area, traders could consider entering long positions.