US Stock Market Technical Analysis | November 16, 2020

Hope for an effective vaccine to continue to boost the stock market

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The vaccine news from Pfizer and BioNTech sparked a rally in the previous week. Stock market across the world significantly higher after the news. This week, the bullish sentiment seems will continue as Biden winning confirmed after the recount completed. Trump seems to acknowledge Biden’s current winning but accused that the election rigged. As of now, he has not conceded yet.

Asian & European Stock market

The Asian stock market traded on the green side. Japan stock market up 521.06 points (+2.05%) to 25,906.93, China stock market up 36.86 points (+1.11%) to 3,346.97 and Australia ASX 200 up 79.10 points (+1.23%) to 6,484.30. The European stock market also moving higher. DAX Germany up 0.42%, UK FTSE up 0.53%, and Euro Stoxx600 up 0.49%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA has not breakout above the 30,000 handles but it might eventually breakout above the level. At the current time, DJIA futures higher more than 200 points which indicates more bullish pressure toward 30,000. Traders will continue to observe the index closing level at the end of the day.

In the long-term, we expect bullish continuation but the situation could change radically depending on the coronavirus vaccine update and Biden’s policy when entering office.

Alibaba Group (BABA)

BABA share prices took a beating after the IPO halted by China. The current share price movement was mostly dominated by the political issue where Jack Ma recently criticized government officials. Bearish pressure might continue to mount and support levels might get broken.

However, traders could start looking for long positions when the bearish pressure diminished and there is a bullish reaction.

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