U.S stock move lower in anticipation of Powell speech

The stock market mostly in consolidation phase right now with slight bearish pressure. Despite the bearish pressure, we could see most major indices stay near the top level. The next sentiment might depend on the Jerome Powell speech this Friday. If a breakout to new record high happen, then the bullish movement will immediately continue. On the other hand, there is possibility of further bearish correction as less chance of rate-cut after rising inflation numbers.

Dow Jones Industrial Average (INDU)

DJIA index turn lower and touch the red trend line. It might continue to consolidate near the current level and attempt to breakout higher. However, if the index continues the downward movement, then it might target the orange treeline, also the daily SMA 200. No confirmation yet for now as the index is near the top. Whenever a bearish correction happen, traders could use it as chance to add more long positions at a lower level in stocks.

Jabil, Inc (JBL)

JBL share prices started a bearish correction and currently sit at the 23.6% Fibonacci Retracement level. It might continue the downward movement and target the 50% retracement level also the previous swing high at $174.80. When the share prices reach the level and produce strong bullish reactions, traders could use it as chance to enter long positions. If the share prices manage to reach that level, it might coincide with the daily SMA 200 too.