Strong job data buoyed the global market, time to continue further upside?

U.S stock market set to open slightly higher in today’s trading session. Last Friday strong job data is the catalyst for the current bullish sentiment. It continues in the Asian session, however, the European session takes another path. Traders and investors seem to weigh the impact of coronavirus and demonstration.

Following the current sentiment, traders could follow the bullish sentiment for short-term and ready anytime if there is another bearish turn.

Asian & European Stock market

The Asian stock market rising strongly after strong U.S job data. Japan stock market up 314.37 points (+1.37%) to 23,178.10, China stock market up 6.97 points (+0.24%) to 2,937.77 and Australia ASX 200 closed. The European stock market on the other hand take bearish path. DAX Germany down 0.82%, FTSE UK down 0.28%, Euro STOXX 600 down 0.60%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA jumped above the daily SMA 200 and closed near the 27,000 handles. The index might attempt to add more gain in this week’s trading session. At the current time, traders will wait for a pullback before entering long positions. However, long positions at the current time are betting that the coronavirus will not spread again.

Traders who want to take more time to observe the situation will monitor the economic data releases. On the technical side, if DJIA closes below the daily SMA 200 then it might resume the bearish trend.

Hess Corporation (HES)

HES share prices bullish correction has reached the daily SMA 200 and currently testing the averages. We think the share prices might consolidate between the SMA 200 and level around $54.00. On the short-term outlook, the economic data releases have been great for now. If the data releases continue to be strong then HES might continue moving upwards above the averages.

Despite the bullish situation, as long as the share prices trade near the averages then it might resume the bearish trend anytime.