US Stock Market Technical Analysis | June 08, 2021

U.S stock market near the flat level

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The DJIA futures trading higher 6 points before the market open. It seems the market will trade cautiously nearing the inflation report this weak. If we have an overshoot in inflation number then the Fed could unroll the current loose policies and start to tame the inflation.

Traders might want to wait sideline for now until the release of data to get a clue on the next direction.

Asian & European Stock market

The Asian stock market mostly lower. Japan Stock market down 55.68 points (-0.19%) to 28,963.56, China stock market down 19.43 points (-0.54%) to 3,580.11 and Australia ASX 200 up 10.70 points (+0.15%) to 7,292.60. The European stock market slightly higher. DAX Germany up 0.21%, UK FTSE up 0.51%, and Euro STOXX600 up 0.42%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index hanging near the high and trading sideways for now. The index might continue trading sideline while traders and investors waiting for the release of inflation data this week. As long as there is no major change in the sentiment, traders will expect the index to continue trading upward and print more record high.

Overstock Com Inc (OSTK)

OSTK share prices trading inside a triangle pattern and soon will reach the top of the triangle pattern. Traders will wait near the top of the triangle and looking for a bearish reaction. At the current time, ranging strategies could be applied as long as breakout does not happen.

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