EU Stimulus hit the market, U.S lawmaker on new stimulus talk

EU leaders passed the 750 billion Euro stimulus which brings joy to the market today. The stock market in Asian also Europe making advances. Aside from the positive news, hope on coronavirus vaccine also help to boost the market. This week, traders and investors closely monitor the stimulus talk in U.S. If lawmakers pass a new stimulus deal then we might see further positivism in the market.

Asian & European Stock market

The Asian stock mostly higher today. Japan stock market up 166.74 points (+0.73%) to 22,884.22, China stock market up 6.75 points (+0.20%) to 3,320.89 and Australia ASX 200 up 154.70 points (-0.53%) to 6,156.30. The European stock market also boosted by EU new stimulus measures. DAX Germany up 1.55%, FTSE UK up 0.34%, Euro STOXX 600 up 0.88%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index attempting to build further bullish pressure as it climbed above daily SMA 200. No breakout from the triangle pattern yet which means it is possible the index will continue moving inside the pattern. At the current time, DJIA futures up 160 points, indicating a higher opening level.

As long as there is no breakout from the range, traders will assume DJIA will continue its ranging movement.

Caterpillar Inc (CAT)

CAT share prices rejected from the $140.00 resistance level. If the bearish movement continues then CAT expected to retest the daily SMA 200 and the 38.2% Fibonacci Retracement level. At the current time, CAT might consolidate between $140.00 and the 38.2% Fibonacci Retracement level.