U.S stock market set to open moderately lower

There is no strong reason for a pullback as the market has been optimistic over the possible new $1.9 billion stimulus. However, a growing number of Republicans showed disagreement over the stimulus size. Traders and investors still gauging what Biden will do in his early leadership.

Today, the Senate expected to confirm Janet Yellen as Biden’s treasury secretary.

Asian & European Stock market

The Asian stock market mostly lower today. Japan stock market down 125.41 points (-0.44%) to 28,631.45, China stock market down 14.51 points (-0.40%) to 3,606.75 and Australia ASX 200 down 23.30 points (-0.34%) to 6,800.40. The European stock market also traded lower. DAX Germany down 0.87%, UK FTSE down 0.84%, and Euro Stoxx600 down 1.02%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index set to start moving lower today as the index futures down nearly 250 points. It might be the time for a healthy bearish pullback. Trades will continue to monitor the index movement for now and wait near the support level. The nearest support level to watch is the 30,000 handle.

Procter & Gamble (PG)

PG share prices made a pullback and managed to reach the daily SMA 200. There is no major bullish reaction yet near the averages. If PG could bounce from the averages then the level around $135.00 is the resistance level to watch.