US Stock Market Technical Analysis | March 03, 2021

Vaccination optimism to continue to boost the market

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Late on Tuesday, President Joe Biden announced that the U.S will have enough supply to vaccinate every adult in the nation by the end of May. The announcement brings joy to the market and the global stock market mostly higher today. DJIA futures also trading higher 200 points currently.

Traders and investors mostly will focus on job data this week which might show further improvement.

Asian & European Stock market

The Asian stock market moving bullishly. Japan stock market up 150.93 points (+0.51%) to 29,559.10, China stock up 68.31 points (+1.95%) to 3,576.90 and Australia ASX 200 up 55.70 points (+0.82%) to 6,818.00 . The European stock market on the upward path. DAX Germany up 0.98%, UK FTSE up 0.90%, and Euro Stoxx600 up 0.45%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is expected to open higher and continue the bullish movement today as DJIA futures up 200 points. It seems the bearish scenario toward 29,000 – 30,000 might be put to hold for now. Traders will continue waiting for bearish correction while holding long positions in equity for now.

3 D Systems Inc (DDD)

DDD share prices slide from $56.5 high to $31.17 without any major bullish reaction. The latest candlestick shows strong bearish momentum which might indicate further weakness. At the current time, the share prices are trading near the daily SMA 50 and previous strong resistance level at $30.00. If the share prices could bounce with strong bullish momentum then DDD might start a new bullish leg.

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