U.S stock market set to gain

The stock market ready to move higher today as the market focusing on earnings results today. Cautious sentiment comes from China as deadly Coronavirus spread. Fear of possible pandemic sent the market lower yesterday. There are reported incidences across the world and no remedy for the virus yet.

This week Chinese New Year become the frightful moment for China’s officials as millions to billion expected to travel and become super-spreaders of the virus across the world.

Asian & European Stock market

The Asian stock market inched higher today. Japan’s stock market up 166.79 points (+0.70%) to 24,031.35, China stock market up 8.61 point (+0.28%) to 3,060.75, and Australia ASX 200 up 66.40 points (+0.94%) to 7,132.70. The European stock market mixed. DAX Germany up 0.19%, UK FTSE down 0.05%, Euro STOXX600 up 0.21%

Technical Analysis

Dow Jones Industrial Average (INDU)

The upward movement of DJIA continues without much trouble and the index set to extend its bullish close today. DJIA futures currently up more than 90 points and the index is not far from 30,000 handles. It seems the index will test 30,000 psychological level soon.

Limited Brands Inc (LB)

LB share prices are in the upward correction phase and the share prices almost reach the daily SMA 200. We could see two horizontal lines which will act as major levels to watch. If LB could not breakout and close above SMA 200 then traders will expect the share prices will continue its bearish trend.