Stock futures higher, boosted by the energy sector

The stock market is set to open higher as DJIA futures currently higher 111 points. Traders and investors monitor closely the ransomware attack on the Colonial pipeline which halt the transport of fuel from the Gulf Coast. Energy sector and cybersecurity stocks mostly higher following the news.

We might see the stock market continue moving upward, disregarding previous week dismal on the job data. However, traders will continue trading cautiously as the current bullish movement could suddenly turned into major bearish reversal anytime.

Asian & European Stock market

The Asian stock market mostly higher. Japan Stock market up 160.52 points (+0.55%) to 29,518.34, China stock market up 9.12 points (+0.27%) to 3,427.99 and Australia ASX 200 up 92.00 points (+1.30%) to 7,172.80. The European stock market mixed. DAX Germany down 0.17%, UK FTSE up 0.06%, and Euro STOXX600 down 0.01%

Technical Analysis

Dow Jones Industrial Average (INDU)

New record high printed on DJIA index chart. The index soon will reach the 35,000 handles. The index may start a correction after it reaches the psychological level. Traders will continue to avoid shorting the stock market as the trend is bullish. A bearish correction is a chance for traders to add more long positions until there is a lower low printed on the chart.

Las Vegas Sands (LVS)

LVS share prices slowly recover and reach as high as $66.77 before starting another bearish leg. The share prices bearish movement trade below the daily SMA 100 and might extend the bearish movement toward SMA 200. Traders could use the averages to enter long positions, a similar strategy mentioned in the January analysis.