US Stock Market Technical Analysis | February 23, 2021

Stock market set to open higher before Powell testimony

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Technology rout in the U.S stock market leads the Nasdaq indices lower yesterday. The flight from growth assets seems to intensify as U.S 10-year Treasury yield continues to increase. Today, DJIA futures and Nasdaq futures traded higher before Jerome Powell’s testimony.

Traders mostly will observe the speech on rising Treasury yield, inflation, and how the Fed feels about it. If the Fed decides to proceed with tapering or interest-rate increase then we might see big volatility in the market.

Asian & European Stock market

The Asian stock market mixed today. Japan stock market up closed, China stock down 6.09 points (-0.17%) to 3,636.36 and Australia ASX 200 up 58.30 points (+0.86%) to 6,839.20 . The European stock market cautiously higher. DAX Germany up 0.10%, UK FTSE up 0.50%, and Euro Stoxx600 up 0.14%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index holding out near the all-time high and continue to print a new all-time high though without strong bullish momentum. The situation might continue sideways for now and traders will wait for a further clues on the next movement.

Gogo Inc (GOGO)

GOGO share prices trade lower toward the $12.00 and daily SMA 50. Previously, the share prices bounce from the level and reach the $16.00 resistance level. If the bearish pressure recedes and the share prices could maintain the level above $12.00 and SMA 50 then traders will prepare for a bounce toward $16.00 or higher.

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