Flat start before volatile week?
U.S stock market expected to open near the flat-level as DJIA futures -21 points before the market open. The 5% fall of crude oil prices might give a bearish impression on the market. Last week, we have a relief rally after a steep drop. However, it might be a dead cat bounce situation only. Traders and investors are assessing the coronavirus impact on the economy.
Most of the countries around the world might need at least 6-months to recover. It is better to wait and see for now until the downturn in share prices losing momentum.
Asian & European Stock market
The Asian stock market continue lower today. Japan’s stock market down 304.46 points (-1.57%) to 19,084.97, China stock market down 24.99 points (-0.90%) to 2,747.21 and Australia ASX 200 up 339.00 points (+7.00%) to 5,181.40. The European stock market traded near zero level. DAX Germany down 0.15%, UK FTSE down 0.90%, Euro STOXX600 down 0.63%
Dow Jones Industrial Average (INDU)
DJIA bullish bounce stopped at 38.2% Fibonacci Retracement level. The index next direction is unclear yet as futures trading near flat point. On the bigger view, the index might continue its bearish movement after the current bullish movement losing momentum.
The index overall direction will continue influenced by the coronavirus situation.
Gamestop Corporation (GME)
GME share prices turned upward after better than expected earnings results. The share prices currently challenging the daily SMA 200 and the top trendline. If a close above both resistances level happen then the share prices expected to overturn the current bearish trend.