US Stock market Technical Analysis May 15, 2020

Stock futures pointed upward, ready to close the last day of the week on the positive side

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DJIA futures up 66 points today in the Asia and Europe trading session. The U.S stock market seems will close the last day of the week on the positive side. However, on the weekly time frame, DJIA set to close the week on the bearish side.

Traders and investors might stay on the sideline for now while monitoring the reopening of the economy. We might see some results in the coming weeks.

Asian & European Stock market

The Asian stock market little change today. Japan stock market up 122.69 points (+0.62%) to 20,037.47, China stock market down 1.88 points (-0.07%) to 2,868.46 and Australia ASX 200 up 76.10 points (+1.43%) to 5,404.80. The European stock market traded higher today. DAX Germany up 1.33%, FTSE UK up 1.29%, Euro STOXX 600 up 1.21%

Technical Analysis

Dow Jones Industrial Average (INDU)

A bounce happened from the daily SAM 50 and the index will continue the ranging movement inside 22,500 – 24,250. Nothing changed yet at the moment. As long as there is no breakout from the range then traders will continue to expect the index to consolidate further.

Best Buy Co Inc (BBY)

BBY share prices managed to closed above daily SMA 200 and return to its bullish track. At the current time, the share prices stuck near the averages and waiting for a further catalyst to move. We have a triangle formation to watch on the daily chart. A breakout above the top of the triangle is the confirmation for further bullish movement.

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