U.S stock market set to tumble as bank shares under focus

A report said, HSBC and Standard Chartered allegedly moved large sums of suspicious funds over a period of two decades. The news spread fears on the market, especially banking sectors. The HSBC share prices traded lower 4.08% and Standard Chartered down 3.98% in London stock exchange.

The U.S stock market also sets to open lower as the DJIA futures currently lower 359 points. Traders and investors will focus on the coronavirus stimulus package as lawmakers trying to reach a deal on the package.

Asian & European Stock market

The Asian stock market mostly under pressure. Japan stock market closed, China stock market down 21.15 points (-0.63%) to 3,316.94 and Australia ASX 200 down 41.90 points (-0.71%) to 5,822.60. The European stock also sharply lower. DAX Germany down 2.43%, FTSE UK down 2.60%, Euro STOXX 600 down 1.96%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA could not close inside the 28,000 – 29,000 area at the end of the previous week. The index closed near the daily SMA 50 and might continue lower today. At the current time, the index futures lower more than 300 points which indicates major bearish pressure.

If the index moves lower then 27,000 and daily SMA 200 will become the bearish target.

Walt Disney Company (DIS)

DIS share prices make a bearish pullback and almost reached the daily SMA 50. The bearish movement seems will continue today. Traders will observe the area between $123.00 – $127.50 for possible support. Aside from the support area, daily SMA 200 also will come under focus.

If the share prices could maintain the positions above the support levels then traders will expect a bounce and continuation of the bullish trend to happen.