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Stock Market Breadth

Stock Market Breadth

Asian Markets 

The Asian stock market mainly traded higher on the week’s last trading day. The Nikkei index dropped by 1.06%. The Shanghai index declined by 0.42%, while the KOSPI index decreased by 1.67%. The Hang Seng index moved lower by 0.52%.

Dow Jones and S&P 500: Market Breadth

The Dow Jones’ market breadth lost further momentum. 54% of the Dow Jones stocks are trading above their 200-day moving average. 

The S&P 500 stock breadth also confirmed some more weakness in its momentum. 51% of the shares traded above their 200-day moving average. 

Dow Jones Futures Today

The Dow Jones futures are trading higher today. In terms of economic data, investors will be looking at the US Home Sales reading, which is coming out at 15: 00 PM GMT. The number is expected to print a reading of 600K, while the previous reading came in at 632K.

The Dow Jones futures have experienced a serious sell-off this week and have given up the gains they scored earlier this week. The price is still trading below the 50-day SMA on the daily time frame which shows that the bulls are losing control of the price. However, the index is still trading above the 100, and 200-day SMA on the daily time frame, which confirms that bears aren’t in the driving seat, and this sell-off could be a retracement. The RSI has also eased off further from its overbought levels and that could stimulate some buying.

The near-term support is 32,072, while the resistance is 34,436.  

Stock Market Rally

The S&P 500 stock index closed lower on Thursday; the index moved lower by 1.45%. The consumer discretionary sector led the index lower, and all 11 sectors closed lower yesterday.

The Dow index declined on the second last trading day of the week; the Dow stocks moved the index lower by 1.05%. Two shares advanced, while 28 shares closed lower 

The NASDAQ composite, the tech-heavy index, closed lower by 2.18% yesterday.