The global stock market upward after China positive GDP

Asian stock market and European stock market move on the positive side as China reported a GDP growth of 4.9% in the third quarter. Although the number of weaker than 5.2% analysts’ expectations, it spread hope that the country’s economic recovery will impact others too.

U.S stock futures mostly higher today. DJIA futures up more than 200 points on hope that the stimulus deal will be reached soon. On weekend, The U.S house speaker, Nancy Pelossi set 48 hours deadline on negotiations of stimulus deal.

Asian & European Stock market

The Asian stock market propelled upside by China’s GDP. Japan stock market up 260.50 points (+1.11%) to 23,671.13, China stock market down 23.69 points (-0.71%) to 3,312.67 and Australia ASX 200 up 52.60 points (+0.85%) to 6,229.40. The European stock market opened higher. DAX Germany up 0.59%, UK FTSE up 0.42%, and Euro Stoxx600 up 0.74%.

Technical Analysis

Dow Jones Industrial Average (INDU)

The movement of the DJIA index contained inside the 28,000 – 29,000 range last week. The index slightly lower at the end of the week but no change to the outlook yet. This week, we might see bullish pressure at the start of the week as stimulus talk under progress. Aside from that, the positive GDP growth in China could spark optimism in the global market.

As long as there is no higher high or lower low printed then traders will continue to monitor the index movement inside the 28,000 – 29,000 area.

Riot Blockchain Inc (RIOT)

RIOT share prices have bounced from the area shown on the daily chart. The area span between $2.50 – $2.80 where traders could use to enter long positions when another bearish movement happens. The trend looks bullish as all moving averages have made a golden cross.

If there is no bullish reaction after the retest then traders might want to continue to observe first before entering long positions.