U.S stock market shows positive sign after a major bearish pullback
The stock market set to open higher, bouncing from the previous setback. Yesterday, the market seems clouded by fear which was mostly influenced by rising covid cases around the world. Another lockdown plan was issued to counter the current increase but people questioned whether the market could sustain if new variants continue to show up.
At the current time, DJIA futures are up more than 170 points which indicates a bounce. Despite the bullish situation, traders who enter long positions will stay cautious and open to the possibility that the current bounce might be temporary before further downside.
Asian & European Stock market
The Asian stock market mostly lower. Japan Stock market down 264.58 points (-0.96%) to 27,388.16, China stock market down 2.33 points (-0.07%) to 3,536.79 and Australia ASX 200 down 33.80 points (-0.46%) to 7,252.20. The European stock market slihglty positive. DAX Germany up 0.03%, UK FTSE up 0.31%, Euro STOXX 600 up 0.15%
Dow Jones Industrial Average (INDU)
DJIA index made a major bearish movement yesterday and reached the daily SMA 100. The index will test the averages for now and waiting for a reaction. If the index could bounce and immediately erase most of the loss incurred yesterday then there is a chance for bullish continuation.
Nordstrom Inc (JWN)
JWN share prices slowly pushed lower and reached the daily SMA 200. The swing is getting lower and lower which means the trend is bearish. However, if the share prices could bounce from the daily SMA 200 and move upward to print a higher swing high then the trend could change from bearish to bullish.
Long positions could be taken near the daily SMA 200 with a stop below it.