US Stock Market Technical Analysis | June 07, 2021

DJIA futures flat, indicate neutral sentiment

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Last week, traders mostly mixed on job data results. Initially, the market under bearish pressure on strong data. However, the latest non-farm employment data come out worse than expected which might hinder the Fed from raising rates or unwinding the easy policies.

This week, traders mostly will focus on inflation data. If inflation data show a soft number then the market will continue moving higher. On the other hand, if inflation rises aggressively then we might see a short-term major bearish reversal in the market.

Asian & European Stock market

The Asian stock market mixed. Japan Stock market up 77.72 points (+0.27%) to 29,019.24, China stock market up 7.70 points (+0.21%) to 3,599.54 and Australia ASX 200 down 13.50 points (-0.19%) to 7,281.90. The European stock market mostly higher. DAX Germany up 0.06%, UK FTSE up 0.19%, and Euro STOXX600 up 0.11%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index printed higher close last week. The job data released was worse than expected but better than previously reported data. It could mean the market is priced in that the Fed will not start unwinding their policies and will wait for the next meeting.

If the index continues building more bullish pressure then we might see a new record high soon.

HP Incorporation (HPQ)

HPQ share prices pull back from the $36 top and reached the daily SMA 100. It seems the share prices are supported by the averages and will attempt to bounce from it. If a bounce happens then traders will expect the share prices to close the gap or reach the daily SMA 50.

Further bullish pressure above the SMA 50 will trigger a bullish continuation. On the other hand, if the share prices move lower and print a new lower low then traders might want to scale out of positions and wait near the daily SMA 200.

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