U.S stock market opens slightly higher despite bearish pressure in global market
The U.S stock market opened higher with S&P 500 leading the bullish movement. However, the DJIA index currently lowers 23 points. Traders and investors are most concerned about the spread of coronavirus in India. Aside from that, most eyes the FOMC meeting later this week. The Fed expected to keep interest-rate steady while maintaining a dovish outlook on the economy.
Asian & European Stock market
The Asian stock market mixed. Japan stock market down 134.34 points (-0.46%) to 28,991.89, China stock market up 1.45 points (+0.04%) to 3,442.61 and Australia ASX 200 down 11.80 points (-0.17%) to 7,033.80. The European stock mostly lower. DAX Germany down 0.35%, UK FTSE up 0.32%, and Euro STOXX600 down 0.29%
Dow Jones Industrial Average (INDU)
The DJIA index still hanging near the top without much movement. It is continuing the consolidation and might extend the bullish movement to print more records high. Traders and investors seem to wait for the Fed FOMC meeting this week. The FOMC meeting could become a catalyst for either bullish continuation to 35,000 or pullback toward 33,000.
Iqiyi Inc (IQ)
IQ share prices suffered major bearish pressure after the Archegos ill-managed leverage trading. The share prices were dumped by major institutions such as Goldman Sachs and Credit Suisse. It is currently trading below the IPO level and the bearish pressure has not fully receded yet.
This high speculative stock might stage a bullish reversal after the bearish pressure recede. Traders might want to wait until there is a major bullish reversal pattern formed and a higher high before jump in major positions. At the current time, any positions taken are highly speculative.