Situation mixed, global stock market lower while U.S futures turn positive

Asian stock market and European stock market weighted by the bearish sentiment today. Most major indices close or trade on the negative side. However, the bearish pressure not experienced by U.S stock futures. At the current time, DJIA futures up more than 100 points while traders prepared for Jerome Powell’s speech today.

Yesterday, the Fed chief acknowledges that the valuation of asset prices is richly valued but noted that no concern on financial stability. The stock market pulled-back yesterday and traders will observe today speech. We might see further unwinding in the stock market depend on today Powell’s speech.

Asian & European Stock market

The Asian stock market ended on the bearish side. Japan stock market down 590.40 points (-2.04%) to 28,405.52, China stock down 44.45 points (-1.30%) to 3,367.06 and Australia ASX 200 up 33.40 points (+0.50%) to 6,778.80 . The European stock market also follows the Asia market bearish lead. DAX Germany down 0.41%, UK FTSE down 0.15%, and Euro Stoxx600 down 0.09%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA continues moving bearishly in a corrective movement. The index might reach the 32,000 handles shown on the daily chart. A bounce might happen after the index tested the level. However, if the bearish pressure continues to mount then the index might continue lower to target daily SMA 50.

United Parcel Service Inc (UPS)

UPS share prices look consolidating between the horizontal line around $155.00 and the bearish trendline. No breakout from the consolidation area and it seems the share prices could continue lower to test the daily SMA 200. Long positions could be taken near the $155.00 or the daily SMA 200 with a bullish breakout expectation above the trendline.