Super Tuesday Joe Biden lead U.S stock futures up

Former Vice-President Joe Biden leading the vote in Super Tuesday and set to secure seat of Democrat top candidates. It seems investors are happy with the result. However, Bernie Sanders also follows behind Biden and might cause infighting in Democrat candidacies.

At the current time, DJIA futures up more than 500 points. Traders will expect a bullish correction today while being careful of bearish continuation caused by coronavirus.

Asian & European Stock market

The Asian stock market continue mixed. Japan’s stock market up 17.33 points (+0.08%) to 21,082.73, China stock market up 18.77 points (+0.63%) to 3,011.67 and Australia ASX 200 down 110.30 points (-1.71%) to 6,325.40. The European stock market on the positive side. DAX Germany up 1.13%, UK FTSE up 1.40%, Euro STOXX600 up 1.19%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA rejected near 27,000 and daily SMA 200 yesterday. The index drops and closed below 26,000 support level. Technically, the index set to continue its bearish trend below the daily SMA 200. However, the DJIA futures pointed upward more than 500 points which suggests another bullish attempt today.

Traders will expect more high volatility movement in the index until it settles the long-term direction.

Nike Inc (NKE)

NKE share prices rebound from the daily SMA 200 but there is bearish reversal happen and the share prices closed near the averages. Following the bullish sentiment in futures market, it seems NKE will bounce again from the SMA 200 and target SMA 100.