US Stock Market Technical Analysis | January 8, 2021

Modest bullish sentiment before the job data

Free $100 Forex No-Deposit Bonus

U.S stock futures gain in today’s trading session after the previous day’s record-breaking session. DJIA futures currently trade on the positive side. Traders and investors are waiting for the release of job data. Non-farm employment data expected to record 60k gain under 6.8% unemployment rate.

Today, Trump finally acknowledged that Biden will become President. The sentiment turned bullish after the previous day’s riot at capitol hill. Despite the positive news, traders and investors will weigh on Biden tax policies which might hinder the upward movement of the stock market.

Asian & European Stock market

The Asian stock market mostly higher today. Japan stock market up 648.90 points (+2.36%) to 28,139.03, China stock market down 6.10 points (-0.17%) to 3,570.11 and Australia ASX 200 up 45.90 points (+0.68%) to 6,757.90. The European stock market also on the path higher. DAX Germany up 0.69%, UK FTSE down 0.11%, and Euro Stoxx600 up 0.60%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA futures rose nearly 100 points before the market open and set to bring the index to a new record high. There is no breakout and further bearish correction below 30,000 which means traders will continue to hold long positions in equity and avoid short positions.

Overstock Com Inc (OSTK)

OSTK share prices are trading between the daily SMA 50 & 200. The consolidation might produce a breakout soon. Traders will wait for closing either above SMA 50 or below SMA 200 before deciding the next long-term direction. We think the share prices will start a bullish bounce from the daily SMA 200. Traders could use the averages to enter long positions with a stop below the previous swing low.

Copyright © 2021. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.