Jitter continue in U.S stock market

The bear is ready to Trump the market again today after the stock market suffers more than 1,000 points dropped Yesterday. Initially, the bull drives the index futures up in the European session, but as the Congress approved the spending bill, DJIA futures shift from triple-digit gain to loss of 37 points.

There is no major news release today, and we might see an extension of downward movement to mark the worst week for DJIA this year.

Asian & European Stock market

Asian stock market follows the guidance of U.S stock market. Nikkei down 508.24 points (-2.32%) to 21,382.62, Shang Hai Composite down 131.12 points (-4.02%) to 3,130.93 and Australia ASX 200 down 52.70 points (-0.89%) to 5,838.00. European stock market also tumbled today. DAX Germany down 1.21%, FTSE UK down 0.75%, and Euro STOXX 600 down 1.03%.

Technical Analysis

Dow Jones Industrial Average (INDU)

There is no reason to place long position now as DJIA in full charge downside. The index bounced from daily SMA 100 initially this week, but the bounce short-lived as it limited below SMA 50. If the index closes below the averages this Friday, then we might see continuation toward SMA 200 next week.

Other Watchlist

FSLR – Similar to DJIA situation, the share prices currently sit at daily SMA 100. If the bearish pressure continues, traders might want to wait until SMA 200 to look for a long position.