WHO declares coronavirus as pandemic

The stock market around the world deeply underwater today after WHO declares coronavirus outbreak as a pandemic. The situation triggers seeling in the Asian and European stock markets. Most of the major indices entered the bear market territory.

Following the WHO decision, President Trump barred travel to and from Europe. There is no stop to the bearish pressure in the stock market for now.

Asian & European Stock market

The Asian stock market lower today. Japan’s stock market down 856.43 points (-4.41%) to 18,559.63, China stock market down 45.03 points (-1.52%) to 2,923.49 and Australia ASX 200 down 421.30 points (-7.36%) to 5,304.60. The European stock market dive as travel ban implemented by U.S. DAX Germany down 7.43%, UK FTSE down 6.79%, Euro STOXX600 down 7.58%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA futures lower 1200++ points before the market opens and suggesting a hard time is not over yet for DJIA. Lower low expected today and traders better continue to stay sideline or plan to enter in strong companies only. There is high odds DJIA will continue lower and reach 22,000 before the end of the month.

Southwest Airlines Co (LUV)

It is time to think long-term as the stock market tumbling across the world. LUV share prices might pullback toward the 50% retracement or daily SMA 200. Traders could prepare to enter long positions when the share prices tested both levels.