U.S stock market set to open lower today

Coronavirus cases in the U.S jumped more than 40% over the past weeks. The situation drives states in the U.S to rollback or pauses the economic reopening. Despite the situation, yesterday DJIA index could close the day on the positive side.

Today, we might see the index start moving lower as DJIA futures lower more than 200 points.  ADP Non-Farm Employment Change recorded a 2,369k increase compared to 2,850k expectations. The next report might give clearer clue on the job market.

Asian & European Stock market

The Asian stock market mixed today. Japan stock market down 166.41 points (-0.75%) to 22,121.73, China stock market up 41.31 points (+1.38%) to 3,025.98 and Australia ASX 200 up 36.50 points (-0.62%) to 5,934.40. The European stock market mostly lower. DAX Germany down 1.56%, FTSE UK down 1.08%, Euro STOXX 600 down 0.84%

Technical Analysis

Dow Jones Industrial Average (INDU)

We have no change to the outlook of the DJIA index yet which trade between daily SMA 100 and 200. Yesterday, the index moved higher and getting near the SMA 200. Today, the index might open lower as DJIA futures lower 200+ points. Without breakout and close outside of the range, DJIA expected to continue its consolidation.

Dropbox Inc (DBX)

DBX trend looks bullish inside the channel. Recently, the share prices tested the bottom of the channel and provide trades with bounce reaction. Traders will assume the share prices will continue moving upward and target the top of the range.

However, if bearish breakout happens then the share prices expected to retest the daily SMA 200. Long positions could be considered near the averages.