Not much hope nearing the election

The promised stimulus has not yet reached or past the due date. U.S stock market came under pressure yesterday as DJIA dropped 650.19 points. The bearish pressure resulted both by failure to reach stimulus deal and record increase of new coronavirus cases.

Today, the DJIA futures higher 61 points but traders might not expect further bullish continuation as the bearish sentiment has not changed yet.

Asian & European Stock market

The Asian stock market continues to lower today. Japan stock market down 8.54 points (-0.04%) to 23,485.80, China stock market up 3.20 points (+0.10%) to 3,254.32 and Australia ASX 200 down 104.60 points (-1.70%) to 6,051.00. The European stock market also pushed lower by coronavirus fear. DAX Germany down 0.33%, UK FTSE down 0.15%, and Euro Stoxx600 down 0.30%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA made a major bearish close below the 28,000 handles yesterday. The index lower movement is mostly is driven by the negative expectations of the new U.S stimulus deal. Aside from that, coronavirus infection continues to increase alarmingly after new record infection in one day.

The index is expected to weaken further under the current situation and target the daily SMA 100.

Beyond Meat Inc (BYND)

BYND share prices moved lower on a bearish correction phase. The share prices reached the level of around $160.00 where there were previous resistances present. Traders will observe the reaction near the current level. If the share prices continue lower and reach the daily SMA 100 then traders could consider entering long positions.

At the current time, it is better to wait for a bullish close first before jump in long positions.