U.S stock market attempt to move positively

Yesterday, U.S stock indices erased its gain and either closed lower or near the zero levels. The bearish pressure resulted from the correction in the technologies stocks which have rallied for several days. Not much to say at the current time, it is normal if the index continue moving lower again for several days.

However, the DJIA futures currently up more than 100 points. The market will focus on major bank earnings today Citigroup, JPMorgan Chase, and Wells Fargo set to report before the opening bell today.

Asian & European Stock market

The Asian stock market mostly lower today. Japan stock market down 197.73 points (-0.87%) to 22,587.01, China stock market down 28.67 points (-0.83%) to 3,414.62 and Australia ASX 200 down 36.40 points (-0.61%) to 5,941.10. The European stock market also under pressure. DAX Germany down 1.30%, FTSE UK down 0.32%, Euro STOXX 600 down 1.15%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index stage rallied above daily SMA 200 yesterday but could not maintain its bullish pressure. At the end of the day, the index reverse and closed lower. The bearish close indicate that the index range maintained between the daily SMA 100 & 200.

If the index starts moving lower then traders will expect it to target the daily SMA 100.

Joyy Inc (YY)

YY share prices almost reached the $100.00 handle before it starts moving lower in a bearish correction. The bearish correction nearly reach 20% mark from the top. Traders will the level around $77.50 and $70.00 for possible bounce reaction. Long positions near both levels could be considered when the share prices bearish pressure recede.