US Stock market Technical Analysis June 19, 2020

China accelerates purchase of phase one trade deal, cool the market

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The exchanging of heated rhetoric on coronavirus between the U.S and China hampered the market sentiment. However, China announced that it will accelerate the buying of U.S agriculture products to comply with phase one deal. It is positive news that eases current tension on trade relations between both countries.

Meanwhile, the market focuses heavily on the resurgence of coronavirus. The number of new cases increases at an alarming state. If there is no improvement then it is possible stricter measures could be taken which could hinder the economic recovery.

Asian & European Stock market

The Asian stock market mostly higher today. Japan stock market up 123.33 points (+0.55%) to 22,478.79, China stock market up 28.32 points (+0.96%) to 2,967.63 and Australia ASX 200 up 6.10 points (+0.10%) to 5,942.60. The European stock market also advanced today. DAX Germany up 1.11%, FTSE UK up 1.32%, Euro STOXX 600 up 0.98%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index currently sticks near 26,000 and the daily SMA 200. Not much reaction yet which means the index might continue trading sideways. Today, DJIA futures up more than 200 points which indicate higher opening. We think the index will settle between 26,000 and SMA 200 at the end of the day.

Upwork Inc (UPWK)

UPWK share prices have climbed above the daily SMA 200 and reversed its bearish trend into bullish. The share prices currently traded sideways for several weeks inside $11.50 – $12.50 range. We think the share prices have more upward potential. Traders could look to enter long positions near the bottom of the range or the daily SMA 200.

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