US Stock market Technical Analysis July 07, 2020

Bearish sentiment to cloud the market today

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The global stock market initially traded positively in the Asian session. However, the bullish reaction reversed after the Europe summer 2020 economic forecast project the economy will contract 8.3% compared to 7.7% previous forecast. The projection sees a 5.8% growth next year compared to 6.0%.

After the release of the projection, European stock market retreat, followed by DJIA futures which lower 300 points. Today, traders will expect the index to trade lower while monitoring the growing tension between U.S-China and the coronavirus case development.

Asian & European Stock market

The Asian stock market mixed today. Japan stock market down 99.75 points (-0.44%) to 22,614.69, China stock market up 12.46 points (+0.37%) to 3,345.34 and Australia ASX 200 down 1.70 points (-0.03%) to 6,012.90. The European stock market on the path lower after deeper economy slump projection. DAX Germany down 1.35%, FTSE UK down 1.24%, Euro STOXX 600 down 1.07%

Technical Analysis

Dow Jones Industrial Average (INDU)

Yesterday, DJIA index move higher and closed near the daily SMA 200 also the 26,000 resistance level. The upward movement of the index expected to reverse today as the DJIA futures lower more than 200 points. No change to the current outlook of the index which trade between the daily SMA 100 & 200.

Uber technologies (UBER)

UBER share prices stick near the cluster of averages. At the current time, the share prices could maintain its positions above all the averages. On the daily chart, we could see a triangle consolidation formed. If UBER could bounce from the averages then it will target the top of the triangle.

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