Stock market set to open higher after Thursday rebound

U.S stock market ready to open the trading day with a bullish tone. The bullish sentiment building up on fewer jobless claims was reported on Thursday. It seems April loss of job in non-farm employment might be a temporary setback and May’s data might show otherwise.

Traders will ride the current bullish movement and expect more record-high prints in the DJIA index.

Asian & European Stock market

The Asian stock market mostly higher. Japan Stock market up 219.58 points (+0.78%) to 28,317.83, China stock market down 20.39 points (-0.58%) to 3,486.56 and Australia ASX 200 up 10.70 points (+0.15%) to 7,030.30. The European stock market also trades higher. DAX Germany up 0.35%, UK FTSE down 0.03%, and Euro STOXX600 up 0.58%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index showed a bullish reaction yesterday after a bearish close near the daily SMA 50. Today, the DJIA futures pointed upward more than 100 points which indicate a bullish continuation. Traders will expect the index to continue moving upward and target a new record high.

United States Steel (X)

X share prices make a bearish correction toward the daily SMA 50 where it always bounce in the past. We think a bounce will happen again and traders could use the moment to enter long positions. On the upside, the top of the channel will become the bullish target.