Positive coronavirus development to boost the market
The slowdown of coronavirus count continues today and helped the global stock market to claw further higher. DJIA futures up more than 700 points, indicating a higher opening level after the Monday surge. The current upward movement expected to continue as long as the slowdown in coronavirus cases continues.
Despite the positive development, analysts still think the bottom has not reached yet. We might see March bottom tested when the coronavirus cases continue to increase again. Moreover, if the economic data showed a massive slowdown in the economy then expect more weakness in the stock market.
Asian & European Stock market
The Asian stock market continue higher today. Japan’s stock market up 373.88 points (+2.01%) to 18,950.18, China stock market up 56.78 (+2.05%) to 2,820.76 closed and Australia ASX 200 down 34.50 points (-0.65%) to 5,252.30. The European stock market also higher on the possibility that coronavirus cases has peaked. DAX Germany up 3.58%, UK FTSE up 2.77%, Euro STOXX600 up 2.57%
Dow Jones Industrial Average (INDU)
Time for a further rally in DJIA index today as DJIA futures up more than 700 points. On the upside, 24,237 and 25,000 will become the target. Not much to expect yet at the moment, the bullish situation incited by the recovery in Europe. If the recovery continues then the rally will continue. On the other hand, if the coronavirus spread and death start to accelerate again then DJIA will reverse its direction.
Boeing Co (BA)
The $100.00 handle providing support for BA share prices. There are also two trendlines to watch for the next direction of the share prices. We think the $100.00 handle will continue to provide support for the share prices. As long as there is no major close below the support level then BA expected to bounce from the support level.