The fall to continue as coronavirus spread globally

The rate of infection and death tolls increase in China has slowed. But, outside of China, the situation get extremely out of hand. South Korea reported the highest spike in the infection rate today. More new cases reported in the country which previously free from infection.

President Donald Trump will hold press conferences today at 6 p.m to address the coronavirus. DJIA futures currently down more than 300 points, ready to continue 2000 points drop from the top 29,568.57.

Asian & European Stock market

The Asian stock continue lower today. Japan’s stock market down 477.96 points (-2.13%) to 21,948.23, China stock market up 3.40 points (+0.11%) to 2,991.33 and Australia ASX 200 down 50.20 points (-0.75%) to 6,657.90. The European stock market deeply underwater. DAX Germany down 2.22%, UK FTSE down 1.96%, Euro STOXX600 down 2.44%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA could not turn its bearish pressure as the global stock market in retreat. Today, the index set to drop further as there is identified coronavirus case with an unknown source. Technically, the index falls below the daily SMA 200 and might have to change the short-term trend from bullish to bearish.

Automatic Data Processing (ADP)

ADP share prices retreat from the top $182.32 and reached the daily SMA 200 two days ago. The share prices expected to continue its bearish movement today and target the level around $155.00 – $160.00. If a bounce happens near the area then traders will observe daily SMA 200 as the possible level for a bearish reversal.