US Stock Market Technical Analysis | April 05, 2021

Strong U.S job data to boost the stock market after Easter holiday

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DJIA futures currently trading higher more than 200 points which indicates bullish pressure a the beginning trading day. The stock market is expected to hold its positions near the record high while slowly print new record high. However, traders might question the reliability of the current bullish trend.

Inflation is ticking up and it might trigger a pop to bubble if recovery does not pace up more than the rising inflation rate. Traders will continue to hold long positions while being careful of sudden bearish turns.

Asian & European Stock market

The Asian stock market is mostly closed today. Japan stock market up 235.25 points (+0.79%) to 30,089.25, China stock market and Australia ASX 200 closed. The European stock closed on Easter Monday.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index hovering near the record high and expected to continue to maintain its bullish pressure for now. The market seems to disregard all inflation signals while bringing the stock market to a new record high. We think a bearish correction is reasonable to happen in the future. At the current time, traders will continue to hold long positions while monitoring for major bearish signals.

Procter & Gamble Co (PG)

PG share prices return above daily SMA 200 recently. The share prices currently testing the averages and will seek a bounce from it. Traders could use the daily SMA 200 as a place to enter long positions. However, if the share prices closed below daily SMA 200 with strong bearish momentum then it is better to cover the long positions.

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