US Stock Market Technical Analysis | November 20, 2020

DJIA futures slightly lower on tighter measures against coronavirus

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The index futures currently lower 24 points before the market opening. Suggesting a slightly lower opening level as tighter measures implemented to counter the spread of coronavirus. Meanwhile, Pfizer and BioNtech said they will apply for emergency use authorization of their vaccine.

When the vaccine hit the road and coronavirus spread slowed then we will start to see an economic recovery. Traders and investors will hope it will happen sooner than later.

Asian & European Stock market

The Asian stock market traded mixed. Japan stock market down 106.97 points (-0.42%) to 25,527.37, China stock market up 14.64 points (+0.44%) to 3,377.73 and Australia ASX 200 down 8.00 points (-0.12%) to 6,539.20. The European stock market on a higher path. DAX Germany up 0.43%, UK FTSE up 0.49%, and Euro Stoxx600 up 0.47%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues to trade inside the 29,000 – 30,000 area and is expected to close the week inside it. The index will attempt to breakout above 30,000 in the future. At the current time, traders will wait for either breakout above 30,000 or a sharp bearish reversal from the current area.

Ralph Lauren Corp (RL)

RL share prices are at a crossroad where it could continue moving bullishly or get rejected and resume the bearish trend below SMA 200. We think the share prices have a higher chance for further bullish movement. Traders could use the daily SMA 200 or the cluster of averages shown on the chart to enter long positions.

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