DJIA more bullish pressure build-up toward 29,000 and the all-time high

A bearish correction is due but the market seems to leave the bear with no room for correction. Major U.S indices continue printing more bullish close compared to bearish close. Today, traders and investors will observe ADP non-farm payroll data which is expected to log 1250k job compared to a 167k increase in the previous month.

Asian & European Stock market

The Asian stock market mostly higher. Japan stock market up 109.08 points (+0.47%) to 23,247.15, China stock market down 5.81 points (-0.17%) to 3,404.80 and Australia ASX 200 up 109.80 points (+1.84%) to 6,063.20. The European stock market rallied with strong bullish momentum. DAX Germany up 2.24%, FTSE UK up 1.60%, Euro STOXX 600 up 1.92%

Technical Analysis

Dow Jones Industrial Average (INDU)

There is not much room for the bear in the DJIA index. The index looks will start a bearish correction but in the end, it managed to close higher yesterday. Today, the DJIA futures are higher 182 points and suggesting further upward movement. Without a major change in the direction, DJIA expected to reach 29,000 resistance and target an all-time high next.

Abbvie Inc (ABBV)

ABBV share prices pushed lower from the daily SMA 50 with strong bearish momentum. The share prices seems will continue its bearish movement and target the daily SMA 200 also the horizontal line. If the share prices could form a bullish pattern after the test then traders could consider entering long positions.