US Stock Market Technical Analysis | April 20, 2021

Weakness in the technology sector to push the market lower

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U.S stock market set to trade bearishly for the second day. Yesterday, the index made a bearish close amid the weakness in the technology sector. The recent bearish movement was triggered by a dip in Bitcoin which dragged Tesla shares down more than 3%.

Traders and investors mostly will focus on earnings releases today. Netflix set to announce earnings result after the market close today.

Asian & European Stock market

The Asian stock market lower today. Japan stock market down 584.99 points (-1.97%) to 29,100.38, China stock market down 4.61 points (-0.13%) to 3,472.94 and Australia ASX 200 down 47.80 points (-0.68%) to 7,017.80. The European stock also on a pullback. DAX Germany down 0.98%, UK FTSE down 1.18%, and Euro STOXX600 down 1.29%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made a bearish close yesterday but not a significant one. The index might start moving lower today as the index futures is down 137 points at the current time. A bearish correction is healthy to happen after a prolonged bullish run. Traders will continue waiting for a bearish correction for a chance to enter long positions in equity market.

Halliburton Co (HAL)

HAL share prices seem in consolidation and currently trading between daily SMA 50 & 100. It might continue trading sideways and breakout soon. We think the bullish trend will continue and traders could use the daily SMA 100 as a place to enter long positions.

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