US Stock market Technical Analysis August 5, 2020

Worse than expected ADP non-farm employment to shock the market

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U.S ADP non-farm employment logged an increase of 167k vs 1,200k expectation. It means the job market is struggling more than expected which might put threat to economy recovery. Talks by lawmakers in Washington is in progress, we might see some progress and eventually stimulus announcement soon.

Not much to expect now, but, when the stimulus announced, it is possible DJIA could cross above 27,000.

Asian & European Stock market

The Asian stock mixed today. Japan stock market down 58.81 points (-0.26%) to 22,514.85, China stock market up 5.88 points (+0.17%) to 3,377.56 and Australia ASX 200 down 36.30 points (-0.60%) to 6,001.30. The European stock market mostly higher today. DAX Germany up 0.42%, FTSE UK up 1.00%, Euro STOXX 600 up 0.59%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA upward movement soon will reach the 27,000 resistance. No change to the outlook yet which trade between 26,000 – 27,000. As long as the range maintained, DJIA expected to continue consolidation inside the range. At the current time, DJIA futures up more than 100 points which indicates the index will test the 27,000 resistance today.

Waters Corp (WAT)

WAT share prices climbed above the daily SMA 200 but start moving lower after the earnings report. The share prices soon will reach the daily SMA 200 and the horizontal lines. If the share prices could form a major bullish reaction near the level then traders could enter long positions.

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