U.S stock market losing steam

President Trump announced tariff exemption for electronics, smartphone at the end of previous week. Initially, it triggers bullish sentiment in the stock market. However, the mention of time-limit after the announcement causing the bullish sentiment fading. If there is no improvement on the tariff-war situation, then we might see another downturn in the stock market.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index moving upward today but no new higher high printed. It seems the bullish movement losing the upward momentum and might reverse before it could fill the gap. The current bullish corrective movement might continue as planned before, but traders will prepare for bearish reversal without gap close too.

Shopify Inc (SHOP)

SHOP share prices fell below the daily SMA 200 and currently are consolidating below it. The overall movement will stay bearish as long as the share prices stay below the trend line. When the share prices breakout and close above trend line, also the daily SMA 200, there is chance of bullish reversal. Traders will monitor closely the price reactions near resistance levels for now.