Rising covid cases and no stimulus to weigh down on the market

The long-awaited stimulus is not approved yet and covid-19 cases continue to increase in the U.S. The situation is bearish for the market today. DJIA futures lower more than 400 points at the current time which indicates further weakness in the equity market today.

Lockdown measures are implemented by several states which experience a high increase in coronavirus cases. Boeing (BA), General Electric (GE), and UPS set to report earnings before the opening bell

Asian & European Stock market

The Asian stock market is mixed today. Japan stock market down 67.29 points (-0.29%) to 23,418.51, China stock market up 14.92 points (+0.46%) to 3,269.24 and Australia ASX 200 up 6.70 points (+0.11%) to 6,057.70. The European stock market sharply lower. DAX Germany down 2.62%, UK FTSE down 1.26%, and Euro Stoxx600 down 1.67%.

Technical Analysis

Dow Jones Industrial Average (INDU)

Bearish pressure continues to mount on the DJIA index after the fell below 28,000. The index will continue its downward movement today as the index futures lower more than 400 points. If the bearish pressure continues to mount then traders could expect the bearish movement toward the daily SMA 200 and 26,000 handle.

Jinkosolar Holding Co (JKS)

JKS share prices have been on a bullish run from $18.94 to $90.2. The share prices currently under bearish correction and almost reach the 50% correction. Traders will observe the 61.8% and 50% correction level or between $46.16 – $54.57 for a possible bullish bounce.