Tech stock rebound before the Fed minutes of meeting release

The global stock market takes a breather today after Monday bearish day. Traders and investors seem to prepare for the release of the Fed minutes of the meeting on Wednesday. The overall direction might change after the release. At the current time, traders will ride the bullish movement and stay cautious.

Asian & European Stock market

The Asian stock market mostly higher. Japan Stock market up 582.01 points (+2.09%) to 28,406.84, China stock market up 11.40 points (+0.32%) to 3,529.01 and Australia ASX 200 up 42.40 points (+0.60%) to 7,066.00. The European stock market also on the path higher. DAX Germany up 0.18%, UK FTSE up 0.39%, and Euro STOXX600 up 0.36%

Technical Analysis

Dow Jones Industrial Average (INDU)

The index opened lower yesterday but managed to recover before the closing bell. Today we might see the index continue moving upward and target a new record high. There is a daily SMA 50 below the current level which will become the support level to watch.

Starbucks Inc (SBUX)

Whenever SBUX share prices make a bearish correction, it is always supported near the trendline and the daily SMA 50. We have another bearish movement to test both support levels. Traders could continue to expect the price to bounce from both support levels and continue its bullish trend.