US Stock market Technical Analysis February 7, 2020

Time for bearish correction?

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The stock market ready for a lower open as DJIA futures down more than 100 points. Job data is under focus today, analysts expect 163k job added in January and unemployment level at 3.5%. Meanwhile, the coronavirus situation does not get better as the death toll continues to rise.

Asian & European Stock market

The Asian stock slightly lower today. Japan’s stock market down 45.61 points (-0.19%) to 23,827.98, China stock market up 9.45 points (+0.33%) to 2,875.96 and Australia ASX 200 down 26.60 points (-0.38%) to 7,022.60. The European stock market also under pressure. DAX Germany down 0.54%, UK FTSE down 0.60%, Euro STOXX600 down 0.36%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA continues its upward movement and printed a fresh high yesterday. The index might continue toward 30,000 resistance. However, the market seems to play it safe today as DJIA futures down more than 100 points before the U.S non-farm employment data. If a bearish correction happens at this level and continues into major bearish movement then we have a double top pattern.

Conagra Brands (CAG)

CAG blasted above the resistance around $31.50 and printed a swing high at $35.59. The share prices then make a bearish correction and currently traded near the breakout point around $31.50. Will the share prices bounce from the support level and continue its bullish trend?

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