US Stock market Technical Analysis May 11, 2020

Slight bearish sentiment before the start of the week

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U.S stock futures lower by 100 points in the European session, suggesting lower opening in today’s trading session. Traders and investors cautiously awaiting the reopening of the economy this week. Successful reopening without another wave of coronavirus will help the market to start moving up again.

However, if there is another wave of coronavirus and no vaccine found then we might see a sharp lower move in the stock market again.

Asian & European Stock market

The Asian stock market slightly higher today. Japan stock market up 211.57 points (+1.05%) to 20,390.60, China stock market down 0.54 points (-0.02%) to 2,894.80 and Australia ASX 200 up 70.10 points (+1.30%) to 5,461.20. The European stock market also on the bearish side. DAX Germany down 0.59%, FTSE UK down 0.40%, Euro STOXX 600 down 0.52%

Technical Analysis

Dow Jones Industrial Average (INDU)

No clear clue yet on the DJIA next direction as the index currently sticks near 24,250 resistance. Similar to the previous analysis, we think the index will continue trade between 22,500 – 24,250 range for now. On the lower part, there is daily SMA 50 present which will help the index to maintain bullish sentiment.

Walmart Inc (WMT)

WMT share prices made a bearish correction and almost reach the daily SMA 50, 100, and 200. The share prices might find support and look to bounce from the averages. Traders could wait for bullish reaction near the averages and enter long positions.

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