US Stock Market Technical Analysis | September 24, 2021

U.S stock futures pointed lower ahead of the weekly close

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This week has been a volatile week as predicted. DJIA index trading lower sharply at the beginning of the week but managed to recover after the Fed FOMC meeting. We could see the index trading above the weekly opening level which means there is the possibility of a bullish close.

There is a crackdown on cryptocurrencies done by China which dampens the sentiment overnight. Traders and investors will continue waiting for Evergrande’s development which could cause a major sell-off in the market.

Asian & European Stock market

The Asian stock market is mostly lower except for Japan. Japan Stock market up 609.41 points (+2.06%) to 30,248.81, China stock market down 29.15 points (-0.80%) to 3,613.07, and Australia ASX 200 down 27.60 points (-0.37%) to 7,342.60. The European stock market is under bearish pressure. DAX Germany down 0.74%, UK FTSE down 0.38%, Euro STOXX 600 down 0.94%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made recovery after the bounce from the horizontal level and closed between the daily SMA 50 & 100. At the current time, the index futures are lower 167 points and indicate a test on the daily SMA 100. Will the index maintain the close between the two averages or will it resume the bearish movement to target daily SMA 200?

Walt Disney Company (DIS)

DIS share prices tumble below the daily SMA 200 and initially confirm the switch from bullish trend to bearish. We have a bounce from the horizontal level and the share prices getting near the daily SMA 200. If the share prices could close above SMA 200 then there is a chance for a bullish reversal.

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