Jump in coronavirus ready spook the market
China reported a sharp jump in coronavirus infection and death tolls today. There is 15,152 new cases and 254 additional deaths. New cases could be attributed to the news diagnoses method by Hubei province hospital. However, the death tolls rate of increase double from averages 100+ to 200+ is alarming.
DJIA futures are currently lower more than 200 points. Traders will expect a bearish pullback today while monitoring further development from the coronavirus.
Asian & European Stock market
The Asian stock market mostly lower. Japan’s stock market down 33,48 points (-0.14%) to 23,827.73, China stock market down 20.83 points (-0.71%) to 2,906.07 and Australia ASX 200 up 15.00 points (+0.21%) to 7,103.20. The European stock market moderately lower. DAX Germany down 0.96%, UK FTSE down 1.55%, Euro STOXX600 down 0.93%
Dow Jones Industrial Average (INDU)
DJIA maintain the bullish close yesterday and printed fresh all-time high. The index expected to continue its upward movement without any change in the analysis. At the current time, traders will continue to hold long positions in the equity market while waiting for a major reversal in the index.
Momo Inc (MOMO)
MOMO share prices tumbled below daily SMA 200 in the previous swing down. The share prices manage to recover part of the losses and currently traded near the SMA 200. The averages expected to act as a resistance level and MOMO start moving lower after testing it.
Tripadvisor Inc (TRIP)
TRIP share prices constantly in a bearish trend, bounced down from either SMA 50 or 100. The share prices currently trade near the averages. Will it get rejected from the averages again and continue the bearish trend?
Although the trend looks bearish, TRIP formed a higher low which might indicate the end of the bearish trend. If the share prices could breakout above the triangle pattern and close above SMA 200 then it might start a new bullish trend.