Vaccine hope boosted the market
Optimism brewing as Moderna reported promising signs on coronavirus treatment. However, the optimism might have stopped as DJIA futures currently move into negative territory. There is a speech by the Fed Jerome Powell today which might give a hint on the market next movement.
Asian & European Stock market
The Asian stock market boosted by coronavirus vaccine hope. Japan stock market up 299.72 points (+1.49%) to 20,433.45, China stock market up 23.16 points (+0.81%) to 2,898.58 and Australia ASX 200 up 99.00 points (+1.81%) to 5,559.50. The European stock market on the other hand turn negative. DAX Germany down 0.40%, FTSE UK down 0.17%, Euro STOXX 600 down 0.62%
Dow Jones Industrial Average (INDU)
DJIA bounce from the daily SMA 50 has surpassed the 24,250 resistance level and has strong bullish momentum. It seems the index might continue its upward movement and target the SMA 100 & 200 also 26,000 handles. However, traders will continue to monitor this week’s closing level. Without major bullish momentum above 24,250 then the index might slide back lower.
Union Pacific Corp (UNP)
UNP share prices bounced from the blue Fibonacci retracement line $148.29 and currently retesting the SMA 100. If it continues higher then it will test the daily SMA 200. No major reaction at the current time. Without major bullish close above both resistance levels, UNP set to continue its bearish trend.