US Stock market Technical Analysis June 30, 2020

Stock market set to end the last day of the month lower

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The U.S stock market ready to open lower today as DJIA futures down more than 176 points. Nothing much to expect at the moment. Traders and investors are bracing for the worst as coronavirus cases continue to increase. Moreover, new strain of flu discovered in China which has potential to become a pandemic.

The Fed Jerome Powell will testify before House Financial Services Committee. It might give a clue on the market direction next.

Asian & European Stock market

The Asian stock market mostly higher on good China’s data. Japan stock market up 293.10 points (+1.33%) to 22,288.14, China stock market up 23.16 points (+0.78%) to 2,984.67 and Australia ASX 200 up 82.90 points (+1.43%) to 5,897.90. The European stock market weighed down by coronavirus concern. DAX Germany down 0.11%, FTSE UK down 0.93%, Euro STOXX 600 down 0.29%

Technical Analysis

Dow Jones Industrial Average (INDU)

The overall movement of the DJIA is contained between the daily SMA 100 and 200. Traders and investors are waiting for a breakout of the range at the current time. Yesterday, the index bounced from the SMA 50 and set to move higher toward the SMA 200 again. Today, DJIA futures trade lower 176 points which might lead the index lower to test SMA 100 again.

Fuelcell Energy (FCEL)

FCEL share prices on a bullish path, moving above all the averages. Currently, the share prices are testing the daily SMA 50 & 100. Trades could look to enter long positions near both averages with the level around $3.00 as an initial target. If the share prices could continue higher and print a higher high above $3.42 then traders will expect the continuation of the bullish trend.

Carmax Inc (KMX)

KMX share prices building bullish pressure above the daily SMA 200 but always rejected near the $100.00 handle. The share price movement mostly ranged between the daily SMA 200 and the $100.00 handle. Traders will expect another bounce from the averages. However, if a bearish breakout happens then daily SMA 100 might become the support.

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