“Priced in” Fed stance and market drop
The stock market set to open lower in today’s trading session. Yesterday, the Fed maintained its interest-rate steady and assured the market that the Fed will maintain the accommodative policy until the market could weather the coronavirus pandemic.
Today, Apple, Amazon, Mastercard, Electronic Arts, Facebook, Alphabeth are among companies which will report earnings result. Traders will expect volatilities in the market as busy earning days continue.
Asian & European Stock market
The Asian stock mostly lower today. Japan stock market down 57.88 points (-0.26%) to 22,339.23, China stock market down 7.73 points (-0.23%) to 3,286.82 and Australia ASX 200 up 44.70 points (+0.74%) to 6,051.10. The European stock market mostly lower. DAX Germany down 2.33%, FTSE UK down 1.75%, Euro STOXX 600 down 1.26%
Dow Jones Industrial Average (INDU)
The range between 26,000 – 27,000 in DJIA is maintained and the index expected to continue trading sideways inside the range. Today, DJIA futures currently down 250 points which suggest bearish pressure toward the 26,000 support level.
As long as there is no breakout, traders could assume further ranging movement.
Netflix Inc (NFLX)
NFLX currently undergo bearish correction and almost reach the daily SMA 50. The share prices might continue under pressure and reach the horizontal support level shown on the chart. Traders could consider to enter long positions near the levels.