Bullish stock market while reopening effect observed

The global stock market traded on the bullish tone in today’s trading session. Traders and investors are observing job data from U.S. The unemployment rate expected to increase from 13% to 15%. Meanwhile, Non-farm employment data expected to record a 7750k decrease in jobs.

At the current time, it is better to continue monitoring the data releases to determine how the economy will perform after reopening.

Asian & European Stock market

The Asian stock market continue the recovery. Japan stock market up 167.99 points (+0.74%) to 22,863.73, China stock market up 11.55 points (+0.40%) to 2,930.80 and Australia ASX 200 up 6.90 points (+0.12%) to 5,998.70. The European stock market mostly higher. DAX Germany up 1.60%, FTSE UK up 1.28%, Euro STOXX 600 up 1.15%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA set to continue its bullish pressure on the daily SMA 200 today as DJIA futures up more than 200 points. We might see a breakout above the averages and expect the index to trade inside 26,000 – 27,000 next week. However, if the index could not close above SMA 200 then we might see rejection from the resistance level and DJIA might start moving lower again.

Ryder System Inc (R)

R share prices bullish correction has reached the 50% Fibonacci Retracement level and is interesting to watch. If the share prices continue upward then it will target the confluence of SMA 200 and 61.8% Retracement level. No bearish reaction at the current level which means no bearish position, traders could take yet.

Traders will wait for the share prices to form a major bearish pattern before entering any short positions.