Stimulus talk to continue while the stock market wait sideline

The global stock market on a bullish rally as more positive news comes from the vaccine ground. However, the positive development comes to a halt in the U.S as the latest stimulus bill was rejected by the Senate this week. The stimulus discussion will continue until we have an agreement.

At the current time, DJIA futures are lower by 20 points or indicate a flat opening. Traders and investors will continue to focus on the stimulus discussion and production & distribution of vaccines.

Asian & European Stock market

The Asian stock market mostly higher today. Japan stock market up 8.39 points (+0.03%) to 26,809.37, China stock market down 7.24 points (-0.21%) to 3,442.14 and Australia ASX 200 up 25.10 points (+0.38%) to 6,615.30. The European stock market takes a lower path. DAX Germany down 0.41%, UK FTSE down 0.04%, and Euro Stoxx600 down 0.15%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues hanging near the 30,000 and waiting for a reaction. We are in a “wait and see” period at the current time. We think the coronavirus vaccine and U.S stimulus development will become the major factor which moves the index.

On the technical side, a breakout is imminent but a bearish reversal also a high-odds situation too.

Bristol Myers Squibb Co (BMY)

BMY share prices made a breakout above the daily SMA 200 and the bearish trendline. It was limited below horizontal resistance around $65.00. If the share prices could reach the trendline or the cluster of averages then traders could consider entering long positions on bullish reaction.