DJIA futures jumped on the hope of Gilead coronavirus treatment

U.S stock market futures jumped more than 700 points before the market opening. Current bullish pressure come after there is report on Remdesivir effectiveness to cure coronavirus. The drug trial show encouraging potential.

Meanwhile, China’s first-quarter GDP contracted 6.8%, more than 6.2% expectations. It is a bad number but might see recovery in the second quarter this year.

Asian & European Stock market

The Asian stock market mostly higher. Japan’s stock market up 607.06 points (+3.15%) to 19,897.26, China stock market up 18.56 (+0.66%) to 2,838.49 and Australia ASX 200 up 71.20 points (+1.31%) to 5,487.50. The European stock market also higher. DAX Germany up 3.81%, FTSE UK up 3.31%, Euro STOXX 600 up 3.16%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index positions has not changed much this week. The index trading inside 22,500 – 24,250 range and might reach the daily SMA 50. Without major change in the sentiment, the index expected to continue its consolidation movement near the current level.

Wayfair Inc (W)

W share prices is on a bullish correction, currently trade above $80.00. If the share prices continue its bullish correction then it might target the bearish trendline and the daily SMA 200. Traders could prepare to enter short positions near the averages if there is a bearish reversal pattern formed.