US Stock market Technical Analysis March 17, 2020

A relief bounce to happen in U.S stock market

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DJIA futures are up more than 400 points and indicate higher opening today. However, if a bounce happen it might be a temporary technical bounce as the market has given up nearly 30% from the top. There is nothing special that will change the medium-term direction of the market yet. Coronavirus issue continues to become the massive driver of the current movement in the stock market.

Traders might want to trade with an extremely short-term view or long-term investing view until the situation improved.

Asian & European Stock market

The Asian stock market mixed today. Japan’s stock market up 9.49 points (+0.06%) to 17,011.53, China stock market down 9.61 points (-0.34%) to 2,779.64 and Australia ASX 200 up 291.40 points (+5.43%) to 5,293.40. The European stock market continues to lower. DAX Germany down 1.11%, UK FTSE down 1.25%, Euro STOXX600 down 1.05%

Technical Analysis

Dow Jones Industrial Average (INDU)

20,000 checkpoint is near and DJIA soon will touch it. At the current time, DJIA futures up nearly 400 points and suggesting a rebound will happen today. We are on the pessimist side and think the index will continue further lower in the future. If the index manages to bounce then traders will observe the previous day range for a possible reversal.

Facebook Inc (FB)

FB share prices tumble from the top $224.2 and currently traded at 38.2% Fibonacci Retracement. It is a good level to look for long positions. However, if traders want a better entry, $100.00 and 50% Retracement level are potential levels to watch.

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