US Stock Market Technical Analysis | March 31, 2021

U.S stock futures flat before Joe Biden’s infrastructure spending plan announcement

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DJIA index futures little changed, traders lower 31 points at the current time as the market waiting Joe Biden’s unveiled his infrastructure spending plan. The plan valued at $2 trillion and would raise the corporate tax to 28% from 21%. Aside from it, the White House also will discourage writing-off expenses relating to offshoring.

This plan might face a heavy challenge from Republicans which has lowered the tax from 35% previously.

Asian & European Stock market

The Asian stock market is mostly lower today. Japan stock market down 253.90 points (-0.86%) to 29,178.80, China stock down 14.77 points (-0.43%) to 3,441.91 and Australia ASX 200 up 52.30 points (+0.78%) to 6,790.70 . The European stock market mostly flat. DAX Germany down 0.03%, UK FTSE down 0.20%, and Euro Stoxx600 up 0.14%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index sticks near the record high and might continue printing new record high. At the current time, traders will continue waiting for a bearish correction in the index to enter long positions in the equity market. It is better to avoid short positions until a major bearish reaction happened.

Yelp Inc (YELP)

YELP share prices made a bearish correction and reached the daily SMA 50. It seems the share prices are supported by the averages and might start a bullish bounce. Traders could enter long positions near the averages. If the share prices continue its bearish movement then the daily SMA 100 or level around $35.00 will act as support levels.

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