Bearish correction after new all-time high?

The European stock market mostly lower today as Brexit talks resume today. There little hope that a deal will be struck and the UK might proceed with a “No-deal” Brexit. Traders will focus on the event for now. Aside from the event, traders and investors also will monitor the U.S stimulus discussion.

If a bearish correction will happen in the DJIA then traders will observe the 30,000 psychological level.

Asian & European Stock market

The Asian stock market mostly lower today. Japan stock market down 203.80 points (-0.76%) to 26,547.44, China stock market down 27.98 points (-0.81%) to 3,416.60 and Australia ASX 200 up 40.90 points (+0.62%) to 6,675.00. The European stock market under pressure as the Brexit event takes place. DAX Germany down 0.34%, UK FTSE up 0.44%, and Euro Stoxx600 down 0.38%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index rallied and printed a new record high on the Friday trading session. The index set to continue its upward movement in the long-term. Today, the DJIA futures lower more than 100 points after the previous week’s bullish rally. We might see a correction toward 30,000 before further upside. Traders will continue to hold long positions in equity as the trend continue to be bullish.

Salesforce Inc (CRM)

CRM share prices gapped up after strong earnings results. The share prices then start a bearish correction where it managed to close the gap in the previous two trading sessions. If the bull could maintain the bullish pressure then we might see a restart of the bullish trend. On the other hand, if bearish pressure continues to mount and CRM moves lower to test the daily SMA 200 then traders could consider long positions on bullish reaction.