US Stock market Technical Analysis June 17, 2020

Dexamethasone positive trial results to boost the market

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U.S stock market set to open higher today as DJIA futures up more than 180 points. Yesterday, the market rejoiced on the release of retail sales data which recover more than expected. Today, optimism also building as Dexamethasone drug trials show positive results on critically ill coronavirus patients.

Although there is no observation of the milder situation, the result is encouraging. Today, the Fed Jerome Powell will testify to the House Financial Services today. We will expect the same message as yesterday where the Fed chief urge congress to do more to help the economy to recover.

Asian & European Stock market

The Asian stock market mixed today. Japan stock market down 126.45 points (-0.56%) to 22,455.76, China stock market up 4.12 points (+0.14%) to 2,935.87 and Australia ASX 200 up 49.50 points (+0.83%) to 5,991.80. The European stock market mostly higher. DAX Germany up 0.61%, FTSE UK up 0.60%, Euro STOXX 600 up 0.87%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continue stick near the daily SMA 200 and inside 26,000 – 27,000 range. The index might continue to trade near the averages for now while waiting for the development in the market. Under current situation, traders should wait and see until the index left the 26,000 – 27,000 range.

Franklin Resources Inc (BEN)

BEN share prices have reached the daily SMA 200 and got rejected from the averages. It bounced from the level near SMA 200 also the bottom of the channel shown on the chart. At the current time, the share prices continue pressing the SMA 200 and looking to break out above it.

We think the share prices might range inside the channel while waiting for the next direction.

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