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 1.16%. The Shanghai index declined by 0.40%, while the KOSPI index decreased by 1.57%. The Hang Seng index moved lower by 1.04%.

Dow Jones and S&P 500: Market Breadth

The Dow Jones’ market breadth lost further momentum. 51% 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. 49% of the shares traded above their 200-day moving average. 

Dow Jones Futures Today

The Dow Jones futures are trading lower today. In terms of economic data, investors will be looking at the US unemployment claims data, which is coming out at 13: 30 PM GMT. The number is expected to print a reading of 225K, while the previous reading came in at 216K.

The Dow Jones futures have experienced a decent 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 32 217, while the resistance is 34,436.  

Stock Market Rally

The S&P 500 stock index closed lower on Wednesday; the index moved lower by 120%. The energy sector led the index lower, and all 11 sectors closed lower yesterday.

The Dow index declined on the third last trading day of the week. The Dow stocks moved the index lower by 1.10%. One stock advanced, while 29 shares closed lower.

The NASDAQ composite, the tech-heavy index, closed lower by 1.35% yesterday.