U.S futures lower, Time for bearish correction?

U.S stock futures pointed lower today after new all-time high yesterday. The DJIA index has printed a sixth consecutive bullish close which means it is normal if the index starts a bearish correction. Traders and investors seem to continue optimistic that covid vaccination and stimulus will help to boost the economy.

Similar to the previous analysis, it is better to wait for an actual bearish pullback before entering more long positions.

Asian & European Stock market

The Asian stock market mostly higher. Japan stock market up 117.43 points (+0.40%) to 29,505.93, China stock market up 71.04 points (+2.01%) to 3,603.49 and Australia ASX 200 down 59.50 points (-0.86%) to 6,821.20 . The European stock market took a bearish path. DAX Germany down 0.43%, UK FTSE up 0.04%, and Euro Stoxx600 down 0.25%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index has a bullish streak and formed another all-time high. The index seems will continue its bullish movement as stimulus sentiment continue to shroud the market. DJIA futures currently lower 66 points which might indicate a bearish correction.

It is better to continue to wait and see until a bearish correction happens. Traders could enter long positions when deep bearish corrections happen.

Opendoor technologies (OPEN)

OPEN share prices formed a triangle pattern with a bullish bias. The share prices are expected to continue its bullish trend and breakout above the triangle pattern. Traders could use the bottom of the triangle to enter long positions with a tight stop below it.