No room for the bear, U.S stock futures mostly positive

August is another bullish month for the stock market. Major indices returned to the level before the coronavirus pandemic and currently continue its bullish pressure. The current bullish pressure orchestrated by the positive sentiment in technology sectors.

This week, traders and investors’ attention will be focused on the job data. Will a bearish reversal happen in the stock market after the announcement?

Asian & European Stock market

The Asian stock market is mixed. Japan stock market down 1.69 points (-0.01%) to 23,138.07, China stock market up 14.93 points (+0.44%) to 3,410.61 and Australia ASX 200 down 107.10 points (-1.77%) to 5,953.40. The European stock market slightly higher. DAX Germany up 0.40%, FTSE UK down 1.30%, Euro STOXX 600 up 0.01%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index closed lower yesterday and might indicate the start of a bearish correction. If the bearish correction happens then DJIA might target 28,000 and attempt to bounce from it. On the upside, we think DJIA index will eventually reach an all-time high at 29,568.57

Quest Diagnostics Inc (DGX)

DGX share prices formed a possible shoulder-head-shoulder pattern. The share prices are currently traded near the daily SMA 200 and will attempt to bounce from it. If the share prices could move higher then traders will observe the possible right shoulder level for a bearish reaction.

On the other hand, if the share prices formed further lower low below the current horizontal level then DGX might resume its bearish trend.