· E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Strong Over 23796, Weak Under 23571
Based on Wednesday’s price action and the close at 23513, the direction of the June E-mini Dow Jones Industrial Average futures contract on Thursday is likely to be determined by trader reaction to the 50% level at 23796 and the Fibonacci level at 23571.
Bearish Scenario
A sustained move under 23571 will indicate the presence of sellers. The first downside target is the minor bottom at 23208. This is a potential trigger point for an acceleration into the main bottom at 22914 and the 50% level at 22524.
Bullish Scenario
A sustained move over 23796 will signal the presence of buyers. Taking out the minor top at 24057 could trigger a surge to the upside with the next targets the main top at 24792 and the major Fibonacci level at 25144.
· Asian shares pared early losses on Thursday after Chinese exports proved far stronger than even bulls had imagined, while U.S. bond investors were still daunted by the staggering amount of new debt set to be sold in coming weeks.
Asian shares pared early losses on Thursday after Chinese exports proved far stronger than
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.4%, led by a 0.3% dip in Chinese blue chips .CSI300.
· Japanese shares eased on their return from a long holiday on Thursday, with airlines declining the most, as sentiment was dampened by Tokyo’s move to extend a state of emergency and dour U.S. economic data.
The broader Topix index dropped 0.32% to 1,426.73, with air transport and land transport among the worst three performing sectors on the local bourse, down 6.8% and 2.9%, respectively.
Japan extended a nationwide state of emergency on Monday, underscoring expectations that travel demand was unlikely to recover anytime soon.
Markets in Japan were closed from Monday through Wednesday for a string of national holidays.
· China stocks ended lower on Thursday, as investors remained cautious on a bleak trade outlook globally that could slow the recovery in the world's second largest economy from the coronavirus crisis.
The Shanghai Composite index .SSEC closed down 0.23% at 2,871.52.
· European stocks traded higher on Thursday as investors digest the latest news regarding the coronavirus outbreak and efforts to ease lockdown measures.
The pan-European Stoxx 600 climbed 0.5% in early trade, with basic resources adding 1.4% to lead gains while insurance stocks bucked the upward trend to fall by 0.4%.
Reference: CNBC, Reuters
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