The cautious market as stimulus talk continues

The uncertainties on the U.S stimulus might have lifted after a positive tone from Nancy Pelosi and Mnuchin. However, there is no tangible result even after a long talk. At the current time, traders and investors keeping the promise announced that there will be a stimulus deal before the end of the week.

U.S stock future slightly lower and waiting for stimulus news and earnings results.

Asian & European Stock market

The Asian stock market mostly lower on IMF downgrade. Japan stock market down 165.19 points (-0.70%) to 23,474.27, China stock market down 12.52 points (-0.38%) to 3,312.50 and Australia ASX 200 down 18.00 points (-0.29%) to 6,173.80. The European stock market slightly lower. DAX Germany down 0.30%, UK FTSE down 0.25%, and Euro Stoxx600 down 0.26%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA little changed yesterday with a bearish close. The index might open flat today as the DJIA futures traded not far from the zero points. We still expect the index to continue trading sideline between 28,000 – 29,000 handle for now. Traders and investors mostly waiting for stimulus decision news.

Papa Johns International Inc (PZZA)

PZZA share prices undergo bearish correction from the top $102.25 to $77.56 or 25% correction from the top. At the current time, the share prices traded near the daily SMA 200 where traders could consider entering long positions. On the upside, the level around $85.00 and daily SMA 100 will become the resistance level to watch.