US Stock Market Technical Analysis | June 03, 2021

The stock market slightly lower on strong job data

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ADP non-farm employment comes out at 978k vs 645k expectation. Unemployment claim also recorded 385k benefit claimer compared to 400k expectation. Both data pointed to positive development and indicate strong numbers released tomorrow.

Traders and investors seem cautious as the strong data could signal a hawkish FOMC meeting later this month. DJIA index is expected to open lower more than 100 points and will continue under pressure.

Asian & European Stock market

The Asian stock market mixed. Japan Stock market up 111.97 points (+0.39%) to 29,058.11, China stock market down 12.93 points (-0.36%) to 3,584.21 and Australia ASX 200 up 42.30 points (+0.59%) to 7,260.10. The European stock market mostly lower. DAX Germany down 0.33%, UK FTSE down 1.05%, and Euro STOXX600 down 0.43%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA futures currently lower 180 points which indicate a bearish pullback on the DJIA index. Strong ADP non-farm employment data is the trigger for the current bearish situation. If the index started a bearish correction then the daily SMA 50 will become the bearish target.

Activision Blizzard Inc (ATVI)

ATVI share prices bounced from the daily SMA 200 in the previous downturn. The share prices then climbed above the daily SMA 50 & 100. At the current time, we could see a bearish reaction from the previous swing high. If the share prices continue moving lower then daily SMA 50 & 100 might provide support for a bounce. However, if bearish pressure continues to mount then traders will wait near the daily SMA 200 for an opportunity to enter long positions.

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