U.S stock market set to continue higher after better than expected jobless claim data

U.S jobless claims are 712k vs 725k expectation. The number comes out better than expected and signal an improvement in the U.S economy. Meanwhile, the market is awaiting the $1.9 T stimulus bill signed this Friday. The stimulus is expected to catapult U.S economic growth this year.

Traders mostly will focus on the bullish continuation in the technology sector after Nasdaq’s strong bounce this wweek.

Asian & European Stock market

The Asian stock market is mostly higher today. Japan stock market up 175.08 points (+0.60%) to 29,211.64, China stock up 79.09 points (+2.36%) to 3,436.83 and Australia ASX 200 down 0.20 points (-0.00%) to 6,713.90 . The European stock market mixed. DAX Germany up 0.14%, UK FTSE down 0.02%, and Euro Stoxx600 up 0.34%.

Technical Analysis

Dow Jones Industrial Average (INDU)

The DJIA index printed a new record high yesterday as the technology sector rebound. The index set to print further record high today as the DJIA futures trading higher more than 100 points. The same as the previous day, traders will wait for a bearish correction before adding more long positions in equity.

JD Com Inc (JD)

JD share prices were lower below the daily SMA 100. The bearish pressure continues to mount but the share prices managed to stick near the daily SMA 100 and the trendline. At the current time, JD share prices could either bounce from the daily SMA 100 and continue its bullish trend. Alternatively, the share prices could move lower to target the daily SMA 200.

Long positions could be taken at daily SMA 100 and 200 with a stop below the daily SMA 200.