Stock market set to trade higher on growth optimism

The U.S stock market mostly bullish before the open. Traders once again weighed heavily on economic recovery. Previously, Joe Biden announced a massive spending proposal of $6 trillion which will become the largest federal spending proposal since world war II.

This news spark optimism on the market as it might sound more stimulus incoming.

Asian & European Stock market

The Asian stock market mostly higher. Japan Stock market up 600.40 points (+2.10%) to 29,149.41, China stock market down 8.07 points (-0.22%) to 3,600.78 and Australia ASX 200 up 84.60 points (+1.19%) to 7,179.50. The European stock market also moderately higher. DAX Germany up 0.79%, UK FTSE up 0.36%, and Euro STOXX600 up 0.67%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is set to extend its bullish movement today as the DJIA futures trading upward 153 points at the current time. No major bearish reversal pattern yet until now. It means traders will continue to hold bullish views on the stock market.

WEC Energy Group Inc (WEC)

We could see a flip level on the WEC daily chart. The share prices broke out above the level and currently have returned to it. Traders will expect a bounce and bullish continuation to happen from the flip level. Aside from that, there is a confluence of daily SMA 200 present near the flip level too.

Nio Inc (NIO)

NIO share prices are at a crossroads. Previously, it broke below the triangle pattern also the daily SMA 200. We have a bullish recovery toward the breakout level but no reaction yet. If the bearish pressure starts to mount again then we might see bearish continuation. However, if the share prices could breakout above the top of the triangle then NIO set to continue its bullish trend.