US Stock market Technical Analysis February 5, 2020

Rally continuation on the card

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U.S stock market futures mostly higher before the opening. DJIA futures up more than 200 points at the current time. Traders and investors could expect further strength in the stock market as PBOC plan stimulus. Aside from the stimulus, there is news that the research team at Zhejiang University found an effective drug to treat new coronavirus.

If the good the news continues then DJIA will be back on its bullish track soon.

Asian & European Stock market

The Asian stock continues its upward movement. Japan’s stock market up 234.97 points (+1.02%) to 23,319.56, China stock market up 34.80 points (+1.25%) to 2,818.09 and Australia ASX 200 up 27.40 points (+0.39%) to 6,976.10. The European stock market also march higher. DAX Germany up 1.16%, UK FTSE up 0.77%, Euro STOXX600 up 1.19%

Technical Analysis

Dow Jones Industrial Average (INDU)

Guessing where the DJIA will move next is a tough job as the current market situation changing rapidly. The index previous fall under pressure following the coronavirus fear. However, the market reacted positively after China PBOC decided to inject stimulus to the market.

The current upward movement in the global stock market mostly incited by the stimulus news. The global market trend might be determined by the severity of coronavirus.

Marvel Tech (MRVL)

MRVL has reached the support level we mentioned in the 7th January 2020 analysis. If the share prices will continue its range between the trendline and horizontal resistance then it will bounce from the current level. Traders could look for long positions near the daily SMA 200 and the trendline.

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