The stock market set to continue moving bearishly today
DJIA index futures lower 34 points before the market open. It signaled a mild bearish continuation of the previous day bearish close. Although it looks bearish, the index futures have recovered from most of its loss today. If the bull could push the index higher then we might see a bullish continuation to test the 30,000 handles.
Pfizer announced the final analysis of its vaccine trial which resulted in 95% effectiveness. The positive sentiment however will come under test for now as measures against covid-19 reintroduced. The economy might continue under pressure until the actual vaccine mass-produces and distributed.
Asian & European Stock market
The Asian stock market traded mixed today. Japan stock market down 93.80 points (-0.36%) to 25,634.34, China stock market up 15.78 points (+0.47%) to 3,363.09 and Australia ASX 200 up 16.10 points (+0.25%) to 6,547.20. The European stock market retreat. DAX Germany down 0.64%, UK FTSE down 0.62%, and Euro Stoxx600 down 0.58%.
Dow Jones Industrial Average (INDU)
The fight over 30,000 handles has not finished yet. Yesterday, the DJIA index closed lower and formed a bearish engulfing pattern. The index might continue lower to test the 29,000 handles. Traders will expect the index to trade between 29,000 – 30,000 for now while waiting for further reaction.
Etsy Inc (ETSY)
ETSY share prices are worth watching at the current time. It corrected lower from the $150.00 level and reached daily SMA 100 around $120.00. Overall, traders could regard the movement as a 20% correction from the top. If the bullish trend will continue then ETSY is expected to continue trading between the two trendlines shown on the chart.
However, if a bearish breakout happens then traders will expect a bearish correction toward the daily SMA 200.