US Stock Market Technical Analysis | June 01, 2021

U.S stock market bullish on economic recovery play

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DJIA index futures trading higher more than 260 points after memorial days holiday. The U.S stock market mostly positive as covid vaccination showing positive progress. The covid cases continue to decline while the rate of vaccination increases.

Stocks related to economic recovery gaining ground and expected to trade higher later when the stock market opens. This week, traders will focus on the job data which will release on Friday.

Asian & European Stock market

The Asian stock market mixed. Japan Stock market down 45.74 points (-0.16%) to 28,814.34, China stock market up 9.24 points (+0.26%) to 3,624.71 and Australia ASX 200 down 19.00 points (-0.27%) to 7,142.60. The European stock market mostly higher. DAX Germany up 1.61%, UK FTSE up 1.22%, and Euro STOXX600 up 1.24%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index futures are higher nearly 260 points today. It seems the index will continue its bullish movement and target a new record high. Similar to the previous analysis, traders will continue to avoid shorting the stock market and continue to expect the price to continue upward until there is a major bearish reaction.

Big Lots Inc (BIG)

BIG share prices bounced from the horizontal lines range shown on the chart previously. The share prices currently under bearish pressure and soon might reach the levels also the daily SMA 200. Traders could use the moment to enter long positions on tests when there is a bullish reaction.

On the upside, the level around $62.50 will become the resistance level to watch.

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