US Stock Market Technical Analysis | April 28, 2021

DJIA futures lower before major earnings releases and FOMC meeting

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The stock market might open lower today as traders waiting for the release of earnings reports from Apple and Facebook today. Aside from the earnings report, traders and investors also monitoring the Fed FOMC meeting this week which might announce no change in the interest rate and maintain a dovish outlook.

We expect the stock market to continue trading sideways for now until the release of the Fed economic outlook this week.

Asian & European Stock market

The Asian stock market mostly higher. Japan stock market up 62.08 points (+0.21%) to 29,053.97, China stock market up 14.46 points (+0.42%) to 3,457.07 and Australia ASX 200 up 30.90 points (+0.44%) to 7,064.70. The European stock is mostly higher. DAX Germany up 0.38%, UK FTSE up 0.52%, and Euro STOXX600 up 0.05%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues trading sideways near the all-time high. It seems the market is waiting for the Fed FOMC meeting before making any major movement in the index. We still think the index could continue trading higher and print higher high as more company earnings are released.

If the index makes a bearish correction then 33,000 is the nearest support level to watch.

National Beverage Corp (FIZZ)

FIZZ share prices worth watching as it continues moving bullishly with daily SMA 50 as a support level. We could see the share prices trading inside a bullish channel. Traders could place long positions near the bottom of the channel and near the daily SMA 50.

Yalla Group LTD (YALA)

YALA share prices are at an interesting point where the share prices might have a breakout from a triangle formation. However, the breakout produced a bearish close which means it could either bounce from the top trendline or moving lower with strong bearish momentum.

We think traders could enter long positions with a stop below the $20.00 handle.

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