US Stock market Technical Analysis August 13, 2020

Unemployment claim data and coronavirus bill negotiation under focus

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Today, U.S Department of labor will release the unemployment claims data. 1.12 million expected to file for benefit claims last week, decelerating from 1.18 million.

Traders and investors will continue focus on discussion by lawmakers on coronavirus stimulus bill. An agreement is inevitable and soon we will have a new stimulus announced.

Asian & European Stock market

The Asian stock mixed today. Japan stock market up 405.65 points (+1.78%) to 23,249.61, China stock market up 1.46 points (+0.04%) to 3,320.73 and Australia ASX 200 down 41.00 points (-0.67%) to 6,091.00. The European stock market move lower. DAX Germany down 0.28%, FTSE UK down 1.07%, Euro STOXX 600 down 0.46%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA set to open flat as the DJIA futures currently traded near the 0 levels. There was a bullish close yesterday which might lead the index to move higher again. However, if the index starts moving lower then 27,000 will become the level to watch.

Slack Technologies Inc Com (WORK)

WORK share prices currently under pressure after the rejection from the horizontal level $30.00 or the daily SMA 100. If the share prices continue lower then it might reach the daily SMA 200.

Traders could prepare to enter long positions near the averages when there is a major bullish reaction.

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