DJIA futures rise more than 100 points indicate further record high in DJIA
The positive sentiment in the stock market is set to continue today as DJIA futures trade higher more than 100 points. Under the current situation, it is best to let the market run further upward and wait for a bearish correction next year. Meanwhile, vaccine injection is in progress and it might show results in several weeks.
If coronavirus’s new infection slowed and the pandemic stopped then we will see a major bullish rally in the stock market next year.
Asian & European Stock market
The Asian stock market continues higher today. Japan stock market up 714.12 points (+2.66%) to 27,568.15, China stock market down 18.25 points (-0.54%) to 3,379.04 and Australia ASX 200 up 35.50 points (+0.53%) to 6,700.30. The European stock market also moves higher. DAX Germany up 0.50%, UK FTSE up 2.41%, and Euro Stoxx600 up 1.08%.
Dow Jones Industrial Average (INDU)
DJIA index adds gain yesterday and printed new record high. The bullish movement was triggered by Trump’s decision to sign the stimulus bill into law. It seems the market is set to continue moving upward the rest of the days before the end of the year. Traders might want to be careful of possible bearish correction at the start of the year.
Alibaba Group (BABA)
BABA share prices tumbled after the anti-trust probe by China government. The share prices down from $319.32 high to as low as $211.23. There is no bottom seen yet and BABA share prices might continue moving lower. Traders could observe the 38.2% and 50% Fibonacci retracement level shown on the chart for a possible halt or bounce.
If the share prices could stall inside the area then traders could start to expect to enter long positions.