The bear strike again on the stock market

U.S stock market ready for another trip lower today as coronavirus death tolls reach 170 people. At the current time, there are more than 7,700 confirmed cases of the virus in China. WHO Greatly concerned over the spread of virus outside of China and currently discussing if it need to declare global emergency or not.

On the domestic news, traders and investors are waiting for U.S GDP which expected at 2.1%. Coca Cola (NYSE: KO), United Parcel (NYSE: UPS) and Verizon (NYSE: VZ) will report earnings before the opening bell.

Amazon (NASDAQ: AMZN), Visa (NASDAQ: V), Electronic Arts (NASDAQ: EA), and U.S. Steel (NYSE: X) will report earnings afgter the market close.

Asian & European Stock market

The Asian stock resume bearish pressure today. Japan’s stock market down 401.65 points (-1.72%) to 22,977.75, China stock market closed and Australia ASX 200 down 23.10 points (-0.33%) to 7,008.40. The European stock market also lower on coronavirus news. DAX Germany down 0.83%, UK FTSE down 0.59%, Euro STOXX600 down 0.63%

Technical Analysis

Dow Jones Industrial Average (INDU)

The bearish pressure on the DJIA index set to continue today as coronavirus death toll continue to rise. The index futures currently lower more than 150 points and might lead DJIA down to test SMA 50 again. Traders might want to consider to scale out of long positions for now as the news might continue negative for a while.

A&T Inc (T)

Major bearish movement experienced by T share prices yesterday. We have a support line around $36.50 which will come under test soon. It is possible the support level will be broken and T continue its downward movement toward daily SMA 200. Traders might want to observe $36.50 and the daily SMA 200 for bullish reaction.

If T share prices could hold against bearish pressure near both levels then traders could enter long positions.