US Stock market Technical Analysis June 29, 2020

10 M Coronavirus cases and 500k deaths globally to put the economic recovery on hold

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U.S stock market futures traded on the positive side despite the surge of coronavirus cases in U.S. States which reopen its economy now start to roll-back its reopening plan. Records new cases continue reported each day. It seems the window for economic recovery has been closed for now.

Traders might want to tread carefully as the coronavirus cases continue to grow.

Asian & European Stock market

The Asian stock market under pressure. Japan stock market down 517.04 points (-2.30%) to 21,995.04, China stock market down 18.03 points (-0.61%) to 2,961.52 and Australia ASX 200 down 89.10 points (-1.51%) to 5,815.00. The European stock market whipsawing between positive and negative today. DAX Germany up 0.52%, FTSE UK up 0.28%, Euro STOXX 600 up 0.08%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA movement contained between the daily SMA 100 & 200 for a few weeks. The index is moving near the daily SMA 100 and might bounce from it again. Traders will monitor the index reaction near the averages for now. If a close below 24,250 happens then it might be the time to become bearish in the index for medium-term.

Alibaba Group (BABA)

BABA share prices are in a bullish trend moving upward. At the current time, the share prices corrected lower and might reach the cluster of daily averages. If the share prices could reach the averages then traders could prepare to enter long positions when there are bullish reactions.

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