DJIA futures up more than 400 points on an election rally

U.S presidential election nearing the end of the line and Joe Biden seems will come out a winner. At the current time, Biden has secured 264 electoral votes and only needs 6 more to secure a winning. However, Trump will seek a recount in Wisconsin, and suing to halt ballot in Michigan, Pennsylvania, and Georgia.

Uncertainties have been removed but approved legal challenges might shake the market.

Asian & European Stock market

The Asian stock market mostly higher today. Japan stock market up 410.05 points (+1.73%) to 24,105.28, China stock market up 42.69 points (+1.30%) to 3,320.13 and Australia ASX 200 up 77.50 points (+1.28%) to 6,139.60. The European stock market also on the path higher. DAX Germany up 1.55%, UK FTSE up 0.40%, and Euro Stoxx600 up 0.85%.

Technical Analysis

Dow Jones Industrial Average (INDU)

We have bullish continuation as DJIA bounced from the daily SMA 200. The bounce has brought the index up to test the 28,000 handles. Traders will expect further upside post-election as DJIA futures currently up more than 400 points. DJIA might reach 29,000 or even 30,000 soon if the end of the election ended smoothly.

First Solar Inc (FSLR)

FSLR share prices made a bearish correction after it hit the $97.93 high. The bearish correction is currently located near the previous swing high. If the share prices could maintain the level then we might see a bounce to happen. Traders could use the current level and the daily SMA 50 as the reference levels for long positions.