Stock futures edge higher to continue the bullish streak

The U.S stock market is set to open higher as DJIA futures currently higher 144 points. Traders and investors focused on the jobs report and unemployment data today. U.S Non-farm employment expected to add 50k jobs last month with a 6.7% unemployment rate.

The gain in the stock market mostly supported by strong earnings results from companies which have reported result. If the result continues to surpass analysts’ expectations then the stock market will continue moving bullishly.

Asian & European Stock market

The Asian stock market mostly higher today. Japan stock market up 437.24 points (+1.54%) to 28,779.19, China stock market down 5.53 points (-0.16%) to 3,496.33 and Australia ASX 200 up 75.00 points (+1.11%) to 6,840.50 . The European stock market also moving higher. DAX Germany up 0.27%, UK FTSE up 0.11%, and Euro Stoxx600 up 0.33%.

Technical Analysis

Dow Jones Industrial Average (INDU)

The bounce from daily SMA 50 gain more bullish momentum as the index closed higher yesterday. There is no indication that the index will reverse its direction yet. Traders who have long positions in equity could continue to hold the positions while waiting for a deeper bearish correction.

Big Lots Inc (BIG)

BIG share prices spiked upward and reach as high as $67.00. The share prices then lost its bullish momentum and reversed its direction. We could see a horizontal area around $45.00 – $55.00. If the share prices could bounce from the area then traders will expect a bullish continuation.