US Stock market Technical Analysis February 10, 2020

Cautious atmosphere at the start of the week

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https://www.worldometers.info/coronavirus/

DJIA futures traded at 0 levels before today’s opening market. It seems the market will trade cautiously for now while monitoring the newest update on coronavirus. Looking at the data taken from world meters, we could see death tolls at 910 and 40,649 cases reported. Seeing from the positive side, 3,548 has recovered and more will recover.

No major news to watch today, traders will expect a flat trading session.

Asian & European Stock market

The Asian stock market mixed today. Japan’s stock market down 142.00 points (-0.60%) to 23,685.98, China stock market up 14.52 points (+0.51%) to 2,890.49 and Australia ASX 200 down 10.10 points (-0.14%) to 7,012.50. The European stock market lower on coronavirus concern. DAX Germany down 0.18%, UK FTSE down 0.13%, Euro STOXX600 down 0.07%

Technical Analysis

Dow Jones Industrial Average (INDU)

Today, the index might open flat and show no clue in the next direction. Traders and investors are waiting for an update from coronavirus. Last week, U.S non-farm employment data came out better than expected. However, the unemployment rate increased from 3.5% to 3.6%.

If the index starts moving down from the current level then DJIA might form a double top pattern.

Big Lots Inc (BIG)

BIG share prices managed to climb above the daily SMA 200 and maintain the level above it. At the current time, the share prices might continue its test on the daily SMA 50 and 200. As long as no breakout below the averages then traders could enter long positions with a stop below either SMA 100 or 200.

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