Bearish day at the end of the month

The stock market ready to open lower today and trade directionless as traders waiting for a further clue. The massive stimulus might help the market holding out against bearish pressure, however, the market will start moving lower again without a solution on COVID-19.

Similar to the previous strategy, it is better to wait and see for now until the bottom formed.

Asian & European Stock market

The Asian stock market mixed today. Japan’s stock market down 167.96 points (-0.88%) to 18,917.01, China stock market up 3.08 points (+0.11%) to 2,750.30 and Australia ASX 200 down 104.60 points (-2.02%) to 5,076.80. The European stock market traded in choppy session. DAX Germany down 0.74%, UK FTSE down 0.20%, Euro STOXX600 down 0.19%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA continue trade between 38.2% – 50% Fibonacci Retracement level. Today is the last day of March and the index might settle inside the range. There is nothing to expect yet at the moment. The overall situation expected to be influenced by coronavirus and stimulus development.

World Wrestling Entertainment (WWE)

WWE share prices on the path lower, down nearly 70% from the top. It seems there is no end to the current downward movement. The level around $30.00 and 78.6% retracement act as support levels now. If the share prices manage to reach monthly SMA 200 then traders could consider entering long positions.