US Stock market Technical Analysis March 20, 2020

Bullish reversal on progress

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DJIA futures pointed upward 500 points today. U.S stock futures set to open higher and continue its bullish movement for the second day since record low. The current bullish movement happen after the rebound in oil prices and the start of lockdown in California which investor has waited to hear.

If coronavirus could be contained and effective vaccine found then traders could start expecting rally in the stock market. Unfortunately, it might not happen in the short-term but it might before the end of the year.

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%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA holding out near the 20,000 handles and the index futures pointed upward before the opening bell. It seems a temporary floor has been formed and we might have a bullish correction for a while. On the upside, 21,201 and 22,558 will become the levels to watch.

Yum Brands Inc (YUM)

YUM share prices are under pressure, falling from $119.72 to as $62.6 at the current time. The share prices might continue its downward movement and target the monthly SMA 200 and $50.00 handle. When the share prices hit the support levels, traders could consider entering long positions.

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