Bearish sentiment on the market after previous day bearish close

DJIA futures are currently down 52 points, indicating a weak opening. It seems the market preparing for correction before the FOMC meeting this month. Jerome Powell has told the market that the Fed will start unwinding their easy policies. However, the recent job data release might put the Fed back into discussion again.

Traders could expect weakness nearing the FOMC meeting this month but there is a possibility of bounce after the announcement.

Asian & European Stock market

The Asian stock market is mixed. Japan Stock market up 265.07 points (+0.89%) to 30,181.21, China stock market down 1.40 points (-0.04%) to 3,675.19, and Australia ASX 200 down 18.30 points (-0.24%) to 7,512.00. The European stock market mostly lower. DAX Germany down 1.11%, UK FTSE down 0.98%, Euro STOXX 600 down 0.95%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made a bearish close near the daily SMA 50 yesterday. It seems the bearish pressure continue to mount today and might lead the index down below the averages. Traders will observe the current bearish correction and wait for chance to enter long positions when the index start showing bullish sign.

Geo Group Inc (GEO)

GEO share prices has return above the daily SMA 200 and bounced from it recently. However, the share prices might lost its bullish pressure and start moving lower again. We might see the share prices trading between daily SMA 100 & 200 next while waiting for the next direction.