DJIA to extend the bullish movement to target all-time high?

The DJIA index futures currently flat near 0 points indicating a flat opening. Yesterday, U.S ADP Non-farm employment disappoint the market with 428k job added versus 1250k expectation. Today, the market will observe the ISM manufacturing PMI which is forecasted to release at 57.0.

We might have movement today but job data tomorrow will put more weight to the market sentiment.

Asian & European Stock market

The Asian stock market mixed today. Japan stock market up 218.38 points (+0.94%) to 23,465.53, China stock market down 19.82 points (-0.58%) to 3,384.98 and Australia ASX 200 up 49.40 points (+0.81%) to 6,112.60. The European stock market continue the bullish movement. DAX Germany up 0.92%, FTSE UK up 0.49%, Euro STOXX 600 up 0.66%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA extended it’s bullish close yesterday. The index closed above 29,000 and might not stop until it prints a new all-time high. Under the current situation, it is better to continue bullish on the equity market and avoid shorting until major bearish patterns are formed.

Eli Lilly and Company (LLY)

LLY share prices are in a bearish correction phase. The share prices have moved below the daily SMA 50 & 100 and might continue to target the SMA 200. If the share prices managed to reach the SMA 200 then traders could consider entering long positions. We have ranged around $142.50 – $147.50 to watch where the share prices might consolidate.