US Stock market Technical Analysis July 06, 2020

The stock market set to move positively today

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On Monday, the global stock market mostly higher before the U.S stock market opens. Shanghai composite is the star of today bullish movement. The index jumped more than 5% as the economy continue reopening. While the global economy projection looks gloomy, the current jump in the ShangHai composite might become the start of a new bullish rally.

Traders mostly will continue to focus on the development of the coronavirus vaccine. If the effective vaccine found then it might alleviate the current pressure on the market.

Asian & European Stock market

The Asian stock market continue higher today. Japan stock market up 407.96 points (+1.83%) to 22,714.44, China stock market up 180.07 points (+5.17%) to 3,332.88 and Australia ASX 200 down 43.30 points (+0.71%) to 6,014.60. The European stock market also on the path higher. DAX Germany up 1.68%, FTSE UK up 1.67%, Euro STOXX 600 up 1.26%

Technical Analysis

Dow Jones Industrial Average (INDU)

The movement of the DJIA index expected to continue between the daily SMA 100 & 200. No breakout of the range yet. Today, there is bullish pressure in the index futures. At the current time, the index futures are higher nearly 400 points. If breakout and close above daily SMA 200 happen then DJIA might continue upward to target 27,000 handles.

3M Company (MMM)

MMM might be mirroring the movement of the DJIA index. The share prices currently testing the daily SMA 200. The overall movement looks moving between the daily SMA 100 & 200. As long as there is no break out of the range, traders will expect MMM to continue moving between two averages.

On the upside, $160.00 resistance level also will come under focus.

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