DJIA futures down nearly 300 points on coronavirus fear

New coronavirus cases continue to grow significantly in U.S. New highest daily infection recorded on Friday with 83,000 new cases. The surge of cases is also experienced by countries in Europe. At the current time, most major indices around the world are traded on the negative level. Traders and investors mostly will monitor the development of coronavirus cases.

This week, major companies such as Apple (AAPL), Alphabet (GOOG), Amazon (AMZN), Boeing (BA), Caterpillar (CAT), and Facebook (FB) set to report earnings result.

Asian & European Stock market

The Asian stock market is mostly lower today. Japan stock market down 22.25 points (-0.09%) to 23,494.34, China stock market down 26.88 points (-0.82%) to 3,251.12 and Australia ASX 200 down 11.40 points (-0.18%) to 6,155.60. The European stock market also weighed down by a surge in coronavirus new cases. DAX Germany down 2.01%, UK FTSE down 0.04%, and Euro Stoxx600 down 0.50%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA closed the week inside the 28,000 – 29,000 range. The consolidation inside the range will continue this week and the election week later. We might see the index make another attempt to breakout above 29,000 later nearing the election. However, the long-term direction of the index might need to wait until the result of the election is announced.

Kroger Co (KR)

KR share prices bounced from the daily SMA 200 and headed higher to test the bottom of the channel. There was bearish rejection from the channel and KR traded back to the daily SMA 200. If the share prices bounce from the SMA 200 and printed higher high above the previous swing high then we might see a new bullish rally.