US Stock Market Technical Analysis | November 18, 2020

U.S stock market set to continue rally

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The vaccine inspired rally in the U.S stock market took a pause yesterday as the major indices close lower. Today, the index futures mostly higher and indicating higher opening. Traders and investors mostly will focus on the vaccine development and the new coronavirus cases.

Although effective vaccine developed, it will be a challenge to do mass production to fulfill the needs of the world population. Despite the situation, it might be the second best time to enter battered company shares.

Asian & European Stock market

The Asian stock market mixed today. Japan stock market down 286.48 points (-1.10%) to 25,728.14, China stock market up 7.41 points (+0.22%) to 3,347.30 and Australia ASX 200 up 32.90 points (+0.51%) to 6,531.10. The European stock market slightly higher. DAX Germany up 0.22%, UK FTSE up 0.03%, and Euro Stoxx600 up 0.25%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA continuously press to the upside but no breakout above 30,000 handle yet. The index futures currently higher 90 points which indicate higher opening. As long as no breakout happen, traders will continue stay cautious. On the long-term view, effective vaccine will end the current economic downturn caused by coronavirus.

OneOK Inc (OKE)

OKE share prices has made recovery and reach the daily SMA 200. If the share prices could breakout above the averages then traders will expect rally toward $50.00 and the previous high before coronavirus at $78.48. In the long-term, we think OKE has chance to return to the pre-coronavirus level.

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