Post-election and vaccine rally optimism to continue

U.S stock futures mixed today with DJIA futures higher 140 points while Nasdaq futures down 230 points. The switch from technology sectors seems will start as a potential vaccine for coronavirus found. Pfizer experimental coronavirus vaccine show 90% effectiveness based on the trial result.

If the vaccine is approved then we might see an end to the pandemic soon.

Asian & European Stock market

The Asian stock market continues higher today. Japan stock market up 65.75 points (+0.26%) to 24,905.59, China stock market down 13.59 points (-0.40%) to 3,360.15 and Australia ASX 200 up 41.70 points (+0.66%) to 6,340.50. The European stock market also trades higher. DAX Germany down 0.07%, UK FTSE up 1.17%, and Euro Stoxx600 up 0.44%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index jumped and almost reach the 30,000 handles. The bullish pressure seems will continue as the market rejoice on the U.S election result. If traders not holding any long positions in equity then it is time to wait sideline for now. The index might continue to print new record high as we are nearing the end of the year.

Lowe’s Companies (LOW)

LOW share prices sharply lower yesterday and closed below the daily SMA 100. The share prices might continue moving lower today and target the daily SMA 200. There is a horizontal level around $140.00 to watch where LOW might bounce from it.

If there is a bullish reaction from the support levels then traders could enter long positions.