US Stock market Technical Analysis August 10, 2020

Bullish U.S open as coronavirus stimulus under focus

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Congress talk on coronavirus relief bill broke down last week. On Sunday, President Trump signed executive orders to extend the coronavirus relief. This action might receive legal challenges later by congress. At the current time, DJIA futures up 100 points which indicate higher opening.

Asian & European Stock market

The Asian stock mixed today. Japan stock market down 88.21 points (-0.39%) to 22,329.94, China stock market up 25.22 points (+0.75%) to 3,379.25 and Australia ASX 200 up 105.40 points (+1.76%) to 6,110.20. The European stock market mostly higher. DAX Germany up 0.09%, FTSE UK up 0.27%, Euro STOXX 600 up 0.22%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA continues its climb above 27,000 and set to test June’s high. At the current time, the 27,000 level is the support level if the index starts moving lower. If the index could print higher high above June’s high then traders will expect further bullish movement.

Western Union Company (WU)

WU share prices rejected when it tested June’s high. We have a close below the daily SMA 200 but the share prices could bounce from the level near SMA 50. At the current time, the share prices are testing the daily SMA 200. Will WU bounce and continue lower? Alternatively, will it climb above the SMA 200 and resume its bullish movement?

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