U.S stock market looking for direction

The stock market in the U.S might open flat today as the DJIA futures traded near 0 at -22 points. Traders and investors are wary of the new coronavirus cases after economy reopening. These 1-3 weeks will be important to determine if there is second wave of coronavirus infection or not.

Aside from the coronavirus cases. President Trump is considering a new tariff on beer, gin, biscuits, camera lenses import from France, Germany, UK and Spain. Moreover, the president also on track to re-impose tariffs on Canada Aluminium.

Today, IMF revised its growth outlook lower. Previously it saw 3.0% contraction to the global GDP, now, the IMF see 4.9% contraction to the GDP.

Asian & European Stock market

The Asian stock market mostly lower today. Japan stock market down 274.53 points (-1.22%) to 22,259.79, China stock market closed today and Australia ASX 200 down 148.00 points (-2.48%) to 5,817.70. The European stock market also rebound today. DAX Germany up 0.92%, FTSE UK up 0.24%, Euro STOXX 600 up 0.50%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index turned lower yesterday as coronavirus cases surge after economy reopening. The index range span between the daily SMA 100 and 200. If the index continues lower today then traders will expect daily SMA 100 will become a support level where the index will bounce.

Intel Corp (INTC)

The overall trend of INTC continues pointed to the bullish side as the share prices maintain the level above daily SMA 200. INTC currently under pressure and might reach the daily SMA 200. Traders could consider entering long positions when the retest of average happen.