US Stock market Technical Analysis July 08, 2020

Increase in coronavirus cases eroding the market confidence

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U.S stock market traded lower in the previous trading day as new coronavirus cases continue to increase. The situation also deters sentiment in the European stock market. We have a higher opening but the stock market slowly moving lower. As of now, the coronavirus cases in the U.S topped 3 million and might continue to increase.

Under current situation, we might see the stock market to turn defensive again while waiting for the new coronavirus cases to slow.

Asian & European Stock market

The Asian stock market mixed today. Japan stock market down 176.04 points (-0.78%) to 22,438.65, China stock market up 58.10 points (+1.74%) to 3,403.44 and Australia ASX 200 down 92.60 points (-1.54%) to 5,920.30. The European stock market fluctuating near the 0 levels. DAX Germany down 0.04%, FTSE UK down 0.03%, Euro STOXX 600 down 0.23%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues to trade between daily SMA 100 & 200 as projected. No change to the outlook yet and currently the index might start moving lower toward the SMA 100. Traders might want to continue waiting for further development. At the current time, DJIA index higher 51 points but continue losing its altitude.

Sealed Air Corp (SEE)

SEE share prices look traded inside a triangle pattern now. It is currently testing the top of the triangle and might get rejected. If the rejection happens then SEE share prices should continue moving inside the triangle pattern. Traders could consider entering short positions near the daily SMA 200 and the top trendline.

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