U.S stock market ready for rally after coronavirus rescue bill pass
Both Senate and White House finally reached a deal on coronavirus rescue bills which amount to $2 billion. DJIA futures currently of 549 points. The stock market expected to continue its upward movement today. However, the upward movement might be a temporary stop to the bearish move.
As long as the coronavirus cannot be contained, the market will return to its bearish track.
Asian & European Stock market
The Asian stock market mostly higher today. Japan’s stock market up 1454.28 points (+8.04%) to 19,546.63, China stock market up 59.15 points (+2.17%) to 2,781.59 and Australia ASX 200 up 262.40 points (+5.54%) to 4,998.10. The European stock market also on the path higher. DAX Germany up 3.35%, UK FTSE up 3.57%, Euro STOXX600 up 3.52%
Dow Jones Industrial Average (INDU)
DJIA jumped in the previous trading day as optimism building up on stimulus approval. Today, the stimulus deal approved, it should give more reason for the market to push the index higher. However, this bullish reaction might only last for short while. Coronavirus cases have not reached its peak yet, without any significant solution to contain the virus, the market should start moving lower again.
Kroger Co (KR)
KR share prices corrected lower after the previous bullish rally. The correction reached $30.00 and daily SMA 50. It is possible the share prices could continue lower and test the daily SMA 20. Traders will stay sideline, for now, waiting for the share prices to stabilize or reach a better level to enter long positions.