US Stock market Technical Analysis June 18, 2020

U.S stock futures little change as traders turn cautious

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The bullish streak of the DJIA index stopped yesterday after the index closed lower. DJIA futures currently down 30 points and might indicate neutral to a bearish bias. Traders and investors seem to become cautious toward economic development as coronavirus cases continue to increase.

Yesterday release of dexamethasone trial encourage the market but further trials needed to cure patients with milder symptoms. Today, traders will observe jobless claims data.

Asian & European Stock market

The Asian stock market mostly lower today. Japan stock market down 100.30 points (-0.45%) to 22,355.46, China stock market up 3.44 points (+0.12%) to 2,939.32 and Australia ASX 200 down 55.30 points (-0.92%) to 5,936.50. The European stock market traded higher. DAX Germany up 0.47%, FTSE UK up 0.31%, Euro STOXX 600 up 0.14%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index sticks near the daily SMA 200 and expected to continue consolidation near it for now. No clue on the next direction yet. Traders better wait for further development on the coronavirus or government measures toward the economy recovery.

If bearish rejection happens then the daily SMA 100 will become the support level to watch.

Costco wholesale Inc (COST)

COST share prices formed a triangle formation and currently stick near the daily SMA 200. The share prices long-term direction will be determined by the breakout direction. Traders will wait for a breakout before placing any major long-term positions.

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