Rotation out of tech sector and vaccine hope to continue influencing the market

The optimism that the coronavirus pandemic will end, continue to increase. Traders and investors push the DJIA further higher and it is on the verge of breakout above the 30,000 handles. Meanwhile, the sectors which benefit when pandemic strike expected to enter a correction. On the other side, the sector which took the hardest hit will start to gain.

Royal Caribbean Group (RCL) is one of the impressive examples of the share which enjoys a bullish jump. It jumped from $58.57 to as high as $78.86. The $78.86 level is half-way from the $135.32 January high.

Asian & European Stock market

The Asian stock market extends the bullish movement. Japan stock market up 444.01 points (+1.78%) to 25,349.60, China stock market down 17.95 points (-0.53%) to 3,342.20 and Australia ASX 200 up 109.20 points (+1.72%) to 6,449.70. The European stock market also continues higher. DAX Germany up 0.42%, UK FTSE up 0.61%, and Euro Stoxx600 up 0.70%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index maintains the level not far from the 30,000 handles. The DJIA futures currently up more than 200 points which indicate a higher opening and retest of the resistance level. Current optimism on the economy expected to continue and traders who have long positions in equity could hold longer.

Cloudera (CLDR)

CLDR share prices look trending lower between two trendlines. However, the share prices currently trading near the daily SMA 200. If it could continue to maintain the positions near the averages and breakout above the trendline then we will see the share prices start trending higher.