US Stock market Technical Analysis June 22, 2020

U.S stock market gain despite the uptick in coronavirus cases

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The stock market in the U.S set to start the week bullishly as futures pointed upward moderately. However, the upward movement might come under a halt as coronavirus cases continue to increase inside the U.S or globally. Not much change at the current time. Traders and investors will continue observing the development on coronavirus cases for now.

Asian & European Stock market

The Asian stock market mixed today. Japan stock market down 41.52 points (-0.18%) to 22,437.27, China stock market down 2.36 points (-0.08%) to 2,965.27 and Australia ASX 200 up 1.90 points (+0.03%) to 5,944.50. The European stock market took bearish path. DAX Germany down 0.41%, FTSE UK down 0.28%, Euro STOXX 600 down 0.37%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index show rejected from the daily SMA 200 at the end of the previous week. The index range continues to span between the daily SMA 100 and SMA 200. Today, the DJIA futures up nearly 200 points which indicate bullish day. We think the index will continue testing the daily SMA 200 and waiting for further reaction.

Office Depot Inc (ODP)

ODP share prices traded lower and soon will reach the cluster of averages. Traders will observe the share price reaction near the averages and enter long positions when there is a bullish reaction. Aside from the averages, traders could see horizontal lines coincide with the averages.

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