U.S stock under bearish pressure

The U.S. stock market is trading lower on Wednesday as traders await major earnings releases from NVIDIA. Aside from the earnings release, the Fed minutes of the meeting also indicate caution about lowering the interest rate too early this year. It seems the stock market might cool down before the next inflation data release. At the current time, the market is expecting a rate cut as early as June. Under the current situation, it is better to wait for a bearish pullback to add more long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is attempting to reverse the current bearish pressure to continue its bullish trend. At the current time, the index is trading inside the previous week candlestick range where inflation data announced. We might see further consolidation before the next direction is settled. Traders will continue waiting for a pullback in the index for a chance to enter more long positions at a lower level.

Ebay Inc (EBAY)

EBAY share prices look interesting after the latest higher low printed on the chart. At the current time, the share prices are trading upward above the daily SMA 200, and it looks like will print a new higher high on the chart. When the share prices manage to print a new higher high, then we might see bullish continuation to close the earnings gap at $48.11. Traders could use the daily SMA 200 as a place to enter long positions later, when breakouts happen.