Global market mixed after the Fed chief reiterated stance on inflation

The global stock market traded mixed today following the statement from the Fed chief regarding inflation. Most agreed that tightening is too early and there is assurance that the Fed could tame overshoot inflation without derailing the economic recovery.

Traders will continue to monitor the Covid development and economic data releases.

Asian & European Stock market

The Asian stock market mixed. Japan Stock market up 88.21 points (+0.31%) to 28,642.19, China stock market up 12.02 points (+0.34%) to 3,593.36 and Australia ASX 200 down 22.70 points (-0.32%) to 7,092.50. The European stock market also mixed. DAX Germany down 0.16%, UK FTSE down 0.29%, and Euro STOXX600 up 0.03%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index printed a bearish close yesterday after three days of bullish close. Today, the DJIA futures traded higher 76 points which indicates a higher opening. We expect the index to continue its bullish movement and target a new record high. However, if the index starts moving lower again then the daily SMA 50 is the support level to watch.

Nike Inc (NKE)

NKE share prices look trading sideways with a slight bearish bias. The share prices moved lower and trade near the daily SMA 200. At the first touch, we have bounced from the averages. It is trading near the averages once again. We think the share prices will continue to maintain the positions above the averages and continue its consolidation range. with $145.00 as the top.