The global market brimming with positivism after Pfizer and BioNTech SE granted fast-track status

DJIA futures up more than 200 points before the market open as FDA granted fast-track status to two vaccine candidates against coronavirus. The two candidates owned by Pfizer and BioNtech SE. Both companies expect to start the next phase of vaccine testing with 30,000 subjects.

Despite the positive news, new coronavirus cases continue to spike in the U.S. More than 60,000 cases reported daily for three days in a row. We will hope that the vaccine quickly found so it could give certainties to the market.

Asian & European Stock market

The Asian stock market started the week on a bullish tone. Japan stock market up 493.93 points (+2.22%) to 22,784.74, China stock market up 59.96 points (+1.77%) to 3,443.29 and Australia ASX 200 up 58.30 points (+0.98%) to 5,977.50. The European stock market also moves higher. DAX Germany up 1.29%, FTSE UK up 1.31%, Euro STOXX 600 up 0.96%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA consolidation continues near the daily SMA 200. Not much change yet to the index direction at the current time. The index expected to continue trade between SMA 100 & 200. Trades will continue to observe the index reaction between the two averages.

At the current time, DJIA futures up more than 200 points which indicate an upward attempt above the SMA 200.

Nike Inc (NKE)

NKE share prices undergo triangle consolidation at the current time. The share prices have not breakout from the triangle range yet. We think there is more chance for an upward breakout. However, traders might want to continue waiting until the actual breakout happen before placing major positions.