Stock Market Today
All eyes are on the U.S. elections and investors are eager to know who will command the biggest economy of the world. Both candidates believe that they are winning the race and that they are one step closer to their victory. Whoever does win the race; the biggest challenge will be to bring the coronavirus numbers down as they are now going through the roof.
The Asian stock market scored more gains today. The ASX 200 index closed with a gain of 1.93%. The Korean Kospi index advanced 1.88%, while the Nikkei index surged 1.39%. The Shanghai index rose by 1.42%.
Dow Jones and S&P 500: Market Breadth
The Dow Jones’ market breadth improved yesterday. 53% of the Dow Jones stocks traded above their 200-day moving average. This is a change of +3% from a day earlier.
The S&P 500 stock breadth also came back to life. 64% of the shares traded above their 200-day moving average. This is a change of +7% from a day earlier.
Dow Jones Futures Today
The Dow Jones futures are trading higher by 200 points today. In terms of economic data, investors will be looking at factory orders which are expected to show more improvement. The forecast is for 1.0%, against the previous number of 0.7%.
The Dow Jones futures have experienced a sharp bounce near their 200-day SMA on the daily time frame, which confirms that the bulls are ready to push the markets. However, the price is still trading far from its 100 day -SMA and 50-day SMA. These two moving averages are most likely to act as resistance levels for the Dow Jones.
The S&P 500 futures, which represent the broader stock market, have seen a massive bounce yesterday. The price has recovered nearly 30% of its losses from last week and the major resistance is the high of the last week, which is at 3441. In terms of trend, bulls are still in control of the price as the price is still trading above the 50, 100 and 200-week moving averages on the weekly time frame.
Stock Market Rally
The S&P 500 stock index scored some decent gains yesterday; the index increased by 1.23%. The energy sector led the index higher- all sectors closed higher.
The Dow index surged yesterday; the Dow stocks moved the index higher by 1.60%. 4 shares of the Dow fell, and 25 closed higher.
The NASDAQ composite, a tech-savvy index, scored the least gains yesterday, and it closed with a gain of 0.29%.
S&P 500 Leaders and Laggards: Twitter and Mohawk
Mohawk stock contributed the biggest gain, soaring 11.1%. Twitter stock was the largest drag; it fell by 4.57%. The S&P 500 stock index is up 7.93% so far this year.
Dow Jones Leaders and Laggards: Disney and Honeywell
Honeywell (NYSE:HON)stock advanced higher by 5.25% and was the biggest mover for the Dow, while Disney stock declined 0.92%, the biggest drag for Dow Jones Industrial Average index.