The bear has not left the market
DJIA futures down more than 500 points which indicates further weakness in today’s trading session. At the current time, DJIA has fallen below 20,000 and there is no end to the bearish pressure yet. Stimulus and monetary measures are prepared but no effect yet to the market sentiment.
It seems the market only want positive news regarding coronavirus. Without any effective measures, the market set to fall further lower.
Asian & European Stock market
The Asian stock market extend its weakness. Japan’s stock market down 173.72 points (-1.04%) to 16,552.83, China stock market down 26.63 points (-0.98%) to 2,702.13 and Australia ASX 200 down 170.30 points (-3.44%) to 4,782.90. The European stock market also extend its weakness. DAX Germany down 1.01%, UK FTSE down 1.89%, Euro STOXX600 down 0.78%
Dow Jones Industrial Average (INDU)
DJIA closed below 20,000 handles for the first time since February 2017. It is a major blow to the market and there is no end to the current downturn yet. As long as there is no two bullish close on the daily chart, traders better let the index to continue further lower.
3M Company Com (MMM)
MMM share prices getting near the 61.8% Fibonacci Retracement and monthly SMA 200. The share prices might find support near both levels. However, the global market downturn might not reach the end yet. Traders will prepare for further weakness below both support levels depend on the global market development.