Stock futures slightly higher after record high

The bullish situation in the stock market was caused by Biden’s inauguration yesterday. Traders and investors are expecting a new round of stimulus announcement. We might see the stock market continue moving upward however traders might want to become careful.

Companies are releasing their earnings report which will give clues on the prevailing economic situation. Intel and IBM are among the companies to release earnings reports today.

Asian & European Stock market

The Asian stock market mostly higher today. Japan stock market up 233.60 points (+0.82%) to 28,756.86, China stock market up 38.17 points (+1.07%) to 3,621.26 and Australia ASX 200 up 53.30 points (+0.79%) to 6,823.70. The European stock market also moving up. DAX Germany up 0.44%, UK FTSE up 0.01%, and Euro Stoxx600 up 0.46%.

Technical Analysis

Dow Jones Industrial Average (INDU)

A new all-time high printed on DJIA daily chart after Biden’s inauguration. Although there is a new all-time high, there is no strong momentum in the upward movement. Similar to the previous analysis we think a pullback is imminent and traders might want to be careful for now.

Hasbro Inc (HAS)

HAS share prices continuously moving upside inside the bullish channel. It also supported by the daily SMA 50 while moving upward. Currently, the share prices are testing the SMA 50 and the trendline. We expect the share prices to continue its bullish movement.

Long positions from the daily SMA 50 is a good option to take. Another best option is when the share prices make deeper corrections toward the bottom of the channel.