DJIA futures higher 340 points nearing the U.S election
We are nearing the U.S presidential election which will hold on the next day. The U.S index futures mostly higher but helped by China’s strong manufacturing data. The October Caixin index came out at 53.6 vs. 53.0 expectations. Manufacturing PMI comes out a 51.4 vs. 51.3 expectation. Stronger than expected number signaled that recovery progress continues.
This week, the trader mostly will focus on the U.S election and the job data.
Asian & European Stock market
The Asian stock market mostly higher today. Japan stock market up 318.35 points (+1.39%) to 23,295.48, China stock market up 0.59 points (+0.02%) to 3,225.12 and Australia ASX 200 up 23.70 points (+0.40%) to 5,951.30. The European stock market also traded higher. DAX Germany up 1.44%, UK FTSE up 0.67%, and Euro Stoxx600 up 0.97%.
Technical Analysis
Dow Jones Industrial Average (INDU)
DJIA index continue its bearish correction and managed to reach the daily SMA 200. The event happens just before tomorrow’s U.S presidential election. It seems the index might maintain the level near the SMA 200 and wait for the U.S election result.
bed bath and beyond (BBBY)
BBBY share prices moved upward after the earnings surprise. Share prices managed to reach as high as $26.16 before turned lower. At the current time, the price might close the earnings gap or reach the post-earnings level. If the bull could maintain the positions above the gap level then we might see bullish continuation.
On the other hand, if the share prices continue lower without any bullish reaction then BBBY might trigger a new bearish trend.
Walmart Inc (WMT)
WMT share prices long-term trend is bullish and it is currently under bearish correction after the Fibonacci extension at $151.61 almost touched. The bearish correction might find support at the daily SMA 50. However, if bearish pressure continues then traders will observe the previous broken high at $133.38.
The bullish trendline is also worth considering for entering long positions.