Stock futures slightly higher, looking to extend the uptrend

Yesterday, the U.S stock market stopped the bullish streak as DJIA down nearly 10 points. It is not a major bearish setback and currently DJIA futures trading higher 80 points. The market might attempt to extend the previous bullish streak and print a new all-time high.

U.S dollar index mostly under pressure as stimulus deal continue discussed. If the stimulus bill is approved then we will see further weakness in the U.S dollar index and strength in the equity market.

Asian & European Stock market

The Asian stock market continue higher today. Japan stock market up 57.00 points (+0.19%) to 29,562.93, China stock market up 51.60 points (+1.43%) to 3,655.09 and Australia ASX 200 up 35.70 points (+0.52%) to 6,856.90 . The European stock market slightly higher after opening. DAX Germany up 0.03%, UK FTSE up 0.39%, and Euro Stoxx600 up 0.25%.

Technical Analysis

Dow Jones Industrial Average (INDU)

Similar to the previous day’s situation, the DJIA index sticks at an all-time high while the index futures currently higher 80 points. The index might extend its bullish movement and traders could continue to hold long positions in equity. However, it is better to wait for a pullback before deciding to add more long positions in equity.

Qualcomm Inc (QCOM)

QCOM share prices are in a bullish trend and there is not much room for traders to enter long positions without a bearish correction. At the current time, the share prices fell from the $167.94 top. A bearish correction has been started and the share prices might test the daily SMA 100 also SMA 200.

When the share prices hit the averages and produce a bullish reaction, traders could enter long positions.