Confirmed coronavirus case in UK and WHO declares global emergency

WHO declared global emergency today citing concern over countries with weaker health systems. There are two confirmed cases of coronavirus after the test in the UK today. More and more cases reported around the world which validated WHO concern.

Today the stock market might experience a major pullback. Caterpillar (NYSE: CAT), Chevron Corp (NYSE: CVX) and Exxon Mobil (NYSE: XOM) set to report earnings before the market open.

Asian & European Stock market

The Asian stock traded mixed. Japan’s stock market up 227.43 points (+0.99%) to 23,205.18, China stock market closed and Australia ASX 200 up 8.80 points (+0.13%) to 7,017.20. The European stock market move lower on UK confirmed coronavirus case. DAX Germany down 0.39%, UK FTSE down 0.82%, Euro STOXX600 down 0.45%

Technical Analysis

Dow Jones Industrial Average (INDU)

Up or down? In the previous day, DJIA suffered bearish pressure at the first half of the trading session. The bull managed to pullback the index and trade at the positive side by the end of trading day. At the current time, DJIA futures down more than 150 points and indicate weak opening. Will the index move lower at the beginning of trading day and closed a the bulllish side again?

Philip Morris International Inc (PM)

PM Share prices pushed lower and manage to reach the level near SMA 200 yesterday. It formed a bullish pin bar pattern and might start a new bullish leg. However, the share prices may continue under pressure as the global market still concerned about the coronavirus. If the share prices reach the daily SMA 200 then traders could consider long positions.