More market confidence before U.S job data
The stock market in the U.S is set to open higher today as traders and investors focused on economic recovery. A new record high might be printed this month as optimism continues to grow. However, the situation could change drastically depending on the Fed meeting in the middle of the month. If the Fed becoming more hawkish on the economy and set to increase interest rates then the stock market might start to pull back.
This week’s job data should provide traders with more clues on how the Fed will respond to the economic situation.
Asian & European Stock market
The Asian stock market mixed. Japan Stock market up 131.80 points (+0.46%) to 28,946.14, China stock market down 27.58 points (-0.76%) to 3,597.14 and Australia ASX 200 up 75.20 points (+1.05%) to 7,217.80. The European stock market mostly higher. DAX Germany up 0.01%, UK FTSE up 0.16%, and Euro STOXX600 up 0.15%
Dow Jones Industrial Average (INDU)
DJIA index set to open flat today as DJIA futures higher 36 points. At the beginning of this month, traders and investors seem optimistic about economic recovery which could boost the stock market further upward. DJIA index technically has not printed any lower low and might continue printing higher high and higher low.
However, if the index could not continue upward to print higher high and printed lower low instead then traders will brace for a major bearish pullback.
Amerisourcebergen Corporation (ABC)
ABC share prices corrected lower after the $125.86 high. It is currently trading near the flip level and might find support from it. Traders could enter long positions near the flip level or the daily SMA 100. If the share prices continue moving lower then the daily SMA 200 might be considered for long-term long positions.