U.S stock futures lower as job data under focus

The prospect of Biden winning the election propelled the market higher after the Tuesday election. However, there is no conclusion yet at the current time. Traders and investors seem betting that Biden will win and Senate secured by Republicans. It means the plan for higher tax or stronger regulation might get blocked.

Today, the market will focus on non-farm employment data. The data expected to record 595k new jobs under 7.7% unemployment.

Asian & European Stock market

The Asian stock market is mostly mixed today. Japan stock market up 219.95 points (+0.91%) to 24,325.23, China stock market down 7.97 points (-0.24%) to 3,312.16 and Australia ASX 200 up 50.60 points (+0.82%) to 6,190.20. The European stock market took a bearish path. DAX Germany down 0.84%, UK FTSE down 0.09%, and Euro Stoxx600 down 0.40%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA has returned inside the 28,000 – 29,000 area and currently might consolidate inside the area while waiting for the U.S election result. DJIA futures lower 177 points which indicate the test on 28,000 handles. We might see the surprise at the weekend which might create an opening gap on the Monday trading session.

JP Morgan Chase & Co (JPM)

JPM share prices trading inside a triangle formation. The consolidation is expected to continue with bullish breakout possibilities. Traders will continue to observe the share prices reaction inside the triangle especially when the share prices have climbed above the daily SMA 200.