US Stock market Technical Analysis July 28, 2020

U.S stock market flat before major earnings

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Yesterday, U.S. Senate Majority Leader Mitch McConnell unveiled a new $1 trillion coronavirus stimulus proposal. The proposal will slash weekly unemployment benefit from $600 to $200. Today, 3M (MMM), Mcdonald (MCD), Visa (V), Ebay (EBAY), Advanced Micro Devices (AMD), Amgen (AMGN), Mondelez International (MDLZ) and Starbucks (SBUX) are among companies which will report earnings results.

At the current time, DJIA futures are lower 20 points which indicate flat opening.

Asian & European Stock market

The Asian stock mixed today. Japan stock market down 58.47 points (-0.26%) to 22,657.38, China stock market up 22.73 points (+0.71%) to 3,196.77 and Australia ASX 200 down 23.70 points (-0.39%) to 6,020.50. The European stock market cautiously higher. DAX Germany up 0.24%, FTSE UK up 0.41%, Euro STOXX 600 up 0.30%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA rejection from the 27,000 handles brought the index lower. It is not far from the daily SMA 200 and the 26,000 support level. No change to the outlook of the index which trades between 26,000 – 27,000. Traders will continue to observe the index movement inside the 26,000 – 27,000 range.

Citrix Systems Inc (CTXS)

CTXS share prices managed to print all-time high at $173.56 before it gapped lower and trade at the current level $142.00. The share prices supported by the daily SMA 100 and trendline. If it could bounce from the support levels then CTXS set to continue its bullish trend. However, if the share prices continue lower then daily SMA 200 will become the level to watch.

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