US Stock Market Technical Analysis | April 01, 2024

U.S. stock futures gaining as second quarter kick-off

The stock market ended the first quarter with a strong performance. It seems the rally in the first quarter might continue in the second quarter as expectations of the Fed rate cut heightened. We maintain a bullish outlook this year as the rate cut is something inevitable and the current sentiment continues to boost the stock market. However, when the actual rate cut happens, it is better to observe what the market will do. If a bearish pullback happens then traders will wait near the support level for a chance to add more long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index resumes the bullish trend and soon will challenge the previous swing high. The index’s bullish trend might not end yet and traders better avoid shorting. At the current time, traders will continue to hold long positions in stocks and await a bearish pullback for a chance to add more long positions. On the lower side, 39,500 might be the nearest support level to watch for a short-term trend reversal if it breaks to the downside.

First Solar Inc (FSLR)

FSLR might be at the tipping point as the share prices close above the daily SMA 200. It needs to form a new higher swing high to confirm the continuation of the bullish movement. At the current time, the daily SMA 200 will act as a support level when a bearish correction happens. Traders could use the averages as a place to add more long positions when there are bullish reactions.

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