US Stock market Technical Analysis March 24, 2020

Coronavirus rescue bill close to an agreement

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The market took a downward turn yesterday as the coronavirus rescue bill failed to reach an agreement for the second time. Today, there is optimism that the bill will pass. DJIA futures currently up 750 points. If the rescue bill passes today then traders could expect little relief in the stock market and DJIA might move near 20,000 handles.

However, if the bill continues blocked by Democrat then the market might start tumbling again.

Asian & European Stock market

The Asian stock market mostly higher today. Japan’s stock market up 1204.57 points (+7.13%) to 18,092.35, China stock market up 62.27 points (+2.34%) to 2,722.44 and Australia ASX 200 up 189.70 points (+4.17%) to 4,735.70. The European stock market also on the path higher. DAX Germany up 5.56%, UK FTSE up 3.97%, Euro STOXX600 up 4.46%

Technical Analysis

Dow Jones Industrial Average (INDU)

A fresh low reached by the DJIA index yesterday and there is no positive development yet in the market. Today, the index might reverse its bearish direction and start moving higher. However, the bullish sentiment might short-lived and the index continue its bearish trend.

Visa Inc (V)

V share prices tumble, following the global market direction. We could see the share prices long-term trend has not changed from bullish to bearish. The share prices traded above monthly SMA 200 and there is $100.00 handle below it. If the bearish movement continues, traders could use the Fibonacci Retracement area between 50% – 61.8% for the reference level to take long positions.

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