Lockdown easing help ease the market bearish sentiment

The stock markets around the world are traded higher today as lockdown easing planned by major economies. DJIA futures currently up more than 200 points and set to trade higher. Aside from the easing, oil prices also under pressure and might restart its downward movement last week.

This week, the market will focus on lockdown easing and how the economy performs after reopening.

Asian & European Stock market

The Asian stock market traded higher today. Japan’s stock market up 521.22 points (+2.71%) to 19,783.22, China stock market up 6.97 (+0.25%) to 2,815.49 and Australia ASX 200 up 78.80 points (+1.50%) to 5,321.40. The European stock market also performs positively. DAX Germany up 2.67%, FTSE UK up 1.64%, Euro STOXX 600 up 1.68%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA set to move higher today to test the daily SMA 50 and the resistance around 24,250. No bearish indication at the moment but we think the index will continue trading inside 22,500 – 24,250 range for now. Traders will continue to wait and see, monitoring the economic performance as business reopening across the world.

Oreilly Automotive (ORLY)

ORLY share prices have returned near the daily SMA 200 and currently testing the averages. No major reaction from the averages yet. If we have a major bearish pattern formed then traders could enter short positions with a tight stop. However, if there is a bullish close above the cluster of averages then traders might want to prepare for a sharp bullish breakout.