Oil recovery and jobless claim data to direct the market today

The U.S stock market futures currently trade at the positive side, recover from early bearish pressure. The market cautiously higher today as oil prices make recovery following historic low. Today, investors and traders’ eyes will focus on the release of unemployment claims data.

U.S unemployment claims data come out at 4427k vs. 4350k expectation. The number is worse than expected but the market still calculating the effect and waiting for a further clue in the next direction.

Asian & European Stock market

The Asian stock market mixed on oil price recovery. Japan’s stock market up 291.49 points (+1.52%) to 19,429.44, China stock market down 5.48 (-0.19%) to 2,838.50 and Australia ASX 200 down 4.10 points (-0.08%) to 5,217.10. The European stock market also mixed. DAX Germany down 0.16%, FTSE UK up 0.16%, Euro STOXX 600 up 0.28%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA still hanging inside 22,500 – 24,250 areas without a major clue in the next direction. The index expected to continue its ranging movement inside the range for now. If the index continues losing altitude and printed a lower close below 22,500 then traders will prepare for long-term bearish continuation.

Paccar Inc (PCAR)

PCAR share prices are in a bullish correction. Recently, the share prices show a bearish reaction near the daily SMA 200 and the horizontal line. If the share prices continue higher and fail the bullish test on SMA 200 then traders will expect a bearish reversal to happen.

On the downside, $60.00 is the level to watch for a possible bounce.