U.S stock market trading bullishly after strong job data

The fear of recession after GDP turn negative caused sell-off but immediately bought. Today, the market reacted positively after the release of stronger job data. It seems the data does not matter now as traders looking for the Fed to save the economy before next GDP report. The potential of rate-cut getting higher but it could be a temporary reactions too.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index trading upward and getting near to close the gap. As the movement still has momentum, traders will expect the index to attempt movement toward daily SMA 100 & 200. However, if bearish reversal happen then the index might fall toward 40,000 and attempt to close the gap at lower side.

SoundHound AI, Inc (SOUN)

SOUN share prices has been moving bearishly since beginning of year. It reached the daily SMA 200 and currently stick near the level. If the share prices could continue to maintain the positions near the averages and bounce upward, then traders could expect a new bullish leg.