Post-election rally set to continue after Biden won the election

U.S equity market rejoiced on the news that Joe Biden won the presidential election. Aside from that, the chance for the “Blue” wave has decreased. It is likely, Biden will become president while Republicans control the senate. This means the feared tax-rate hike endorsed by Biden less likely to happen.

Trump has not conceded yet on the result. His team set to press recount on several states and press on the lawsuits.

Asian & European Stock market

The Asian stock market is jumped as Joe Biden win the election. Japan stock market up 514.61 points (+2.12%) to 24,839.84, China stock market up 61.57 points (+1.86%) to 3,373.73 and Australia ASX 200 up 108.60 points (+1.75%) to 6,298.80. The European stock market also marches to the upside. DAX Germany up 2.02%, UK FTSE up 1.70%, and Euro Stoxx600 up 1.69%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index returns inside the 28,000 – 29,000 area and is set to continue its bullish movement this week. At the current time, DJIA futures up 380 points which means the index might test the 29,000 handles and look for a breakout. The post-election rally is expected to continue for now.

Hasbro Inc (HAS)

HAS share prices have climbed above the daily SMA 200 and set to move bullishly. The share prices currently moving inside a bullish channel and testing the SMA 50. Traders could use the averages to enter long positions with a stop below SMA 200.