Cautious bullish sentiment at the start of week

U.S stock market closed lower for the fourth week and there is no sign of bullish reversal yet. However, the index futures mostly higher in the Asian session and might attempt to put more bullish pressure later. This week, lawmakers might gather and vote for the $2.4 T stimulus bill.

If the bill passed then we might see rally in the U.S stock market.

Asian & European Stock market

The Asian stock market mostly higher. Japan stock market up 212.29 points (+0.91%) to 23.416,91, China stock market up 9.47 points (+0.29%) to 3,228.89 and Australia ASX 200 down 3.00 points (-0.05%) to 5,961.90. UK FTSE currently up 19.89 points (+0.34%).

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA printed a bullish close at the end of the previous week. However, on the weekly time-frame, the index has made four weekly bearish close. At the current time, the index future is higher 160 points which indicate a bullish opening. Despite the bullish situation, there is a possibility the index will continue it’s bearish close and target the close below the daily SMA 200.

Tyson Foods Inc (TSN)

TSN share prices look trading between two trendlines and below all of the moving averages shown on the daily chart. There was a bullish reaction last week which might lead to a bullish bounce toward the top trendline. Traders will monitor closely the share prices reaction near the top trendline and daily SMA 200.

If a bullish breakout happens then TSN is set to start a new bullish trend above the SMA 200.