US Stock Market Technical Analysis | July 13, 2021

The market stays cautious despite strong bank earnings

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Banking sectors reported stronger than expected result but the U.S stock futures seems hesitant to continue the bullish movement. Traders and investors seem cautious ahead of key inflation data and the Fed Jerome Powell testimony this week.

We will continue monitoring closely the news update and determine the next direction. Meanwhile, the overall trend is bullish which means it is not yet the time to turn bearish.

Asian & European Stock market

The Asian stock market mostly higher. Japan Stock market up 149.22 points (+0.52%) to 28,718.24, China stock market up 18.69 points (+0.53%) to 3,566.52 and Australia ASX 200 down 1.40 points (-0.02%) to 7,332.10. The European stock market traded flat. DAX Germany down 0.03%, UK FTSE up 0.20%, Euro STOXX 600 down 0.10%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index extended its bullish close yesterday and is set to continue moving upward to test the record high. At the current time, the index futures are trading slightly lower than 30 points which indicates a weak opening. Technically, there is no reason to switch from bullish sentiment to bearish yet.

Molson Coors Beverage (TAP)

TAP share prices moving lower in a bearish correction and managed to find support at the daily SMA 100. The share prices might continue trading sideway for now waiting for reaction from the averages. Traders could prepare long positions near the averages and hope for a bounce. However, if the share prices continue lower then it might target the daily SMA 200.

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