U.S futures flat below the record high

The global stock market seems moving lower from the top after S&P 500 reaches a record high. DJIA futures traded up 16 points currently. Yesterday, The Fed Jerome Powell called the recovery from pandemic “Uneven”. It could mean the Fed might eventually make an action to adjust the policies again to boost recovery.

We might see the stock market continue hanging near the top as there are no major news releases at the end of this week.

Asian & European Stock market

The Asian stock market mostly lower today. Japan stock market up 59.08 points (+0.20%) to 29,768.06, China stock market down 31.88 points (-0.92%) to 3,450.68 and Australia ASX 200 down 3.60 points (-0.05%) to 6,995.20. The European stock market also slightly lower. DAX Germany down 0.19%, UK FTSE down 0.48%, and Euro STOXX600 down 0.05%

Technical Analysis

Dow Jones Industrial Average (INDU)

The movement of the DJIA index is expected to continue to stick near the record high while traders waiting for further development. At the current time, the index has traded sideways for three days. We will continue waiting for a bearish correction or bearish reversal to determine a long-term view on the stock market next.

Conoco Phillips (COP)

COP share prices made a bearish correction after printed a $61.14 high. The share prices are following the decline of oil prices. At the current time, oil prices traded sideways and COP share prices also trading near the daily SMA 50 and $50.00 handle. We think the consolidation will continue near the level until it reaches the trendline and bounces from it.