US Stock Market Technical Analysis | February 15, 2021

U.S stock market set to continue bullish pressure at the beginning of the week

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The stock market continues trading near the all-time high and without a strong direction. Although the stock market continues trading bullishly, no strong gains were seen yet. Traders will expect the stock index to continue to maintain its bullish pressure and waiting for a bearish correction.

At the current time, DJIA futures are higher 137 points which indicate a higher opening.

Asian & European Stock market

The Asian stock market mostly higher today. Japan stock market up 564.08 points (+1.91%) to 30,084.15, China stock closed and Australia ASX 200 up 62.20 points (+0.91%) to 6,868.90 . The European stock market also trades higher. DAX Germany up 0.39%, UK FTSE up 1.00%, and Euro Stoxx600 up 0.63%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues moving to the upside but not with strong bullish momentum. As the index continues to stick near the all-time high, there are not many traders could do aside from waiting. A bearish correction might happen soon but traders might want to continue to avoid shorting the equity market.

Dollar General Corp (DG)

DG share prices trading inside the bearish channel shown on the chart. There was a bearish breakout below the channel and the daily SMA 200. However, the share prices managed to close back above the SMA 200 and inside the channel range. At the current time, DG share prices will wait for a further reaction from the daily SMA 200 and the bearish channel range.

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