US Stock market Technical Analysis May 14, 2020

U.S futures search for direction

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The U.S stock market might trade in volatile session today as the market digest the Fed Jerome Powell speech yesterday. The Fed warned the U.S economy situation might get worse and the Central bank need to add more measures. Currently the global stock market mostly lower on the Fed commentary.

DJIA futures currently lower 18 points and might continue to trade up and down the zero level.

Asian & European Stock market

The Asian stock market on the bearish side today. Japan stock market down 352.27 points (-1.74%) to 19,914.78, China stock market down 27.71 points (-0.96%) to 2,870.34 and Australia ASX 200 down 93.20 points (-1.72%) to 5,328.70. The European stock market also under pressure. DAX Germany down 1.51%, FTSE UK down 2.11%, Euro STOXX 600 down 1.57%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA rejected from the 24,250 resistance level and closed near the daily SMA 50. No major change yet to the situation of the index. The range maintained between 22,500 – 24,250 and as long as the index trade inside it then the trend is sideways.

Facebook Inc (FB)

FB share prices broke above the daily SMA 200 and move above $200.00 level. The share prices might come down on a bearish correction toward both levels. Traders could prepare to enter long positions near both levels when there is a bullish reaction.

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