U.S stock looking to extend bullish streak

The stock market has been up for five consecutive days which might be near for a correction. The question on the current movement is whether it is a relief rally before deeper bearish movement or it is the start of a new bullish leg. Traders will monitor closely the release of job data this week and the development of tariff war. If the tariff war reached conclusion, then we might see further bullish movement in the stock market.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index bullish movement continuing but without strong momentum. Index futures are trading higher today and will attempt to extend the bullish movement. On the upside, the index is getting close to close the price gap. However, it might experience rejection near the daily SMA 200 and turn lower before continuing further higher.

We might get confirmation regarding tariff war when the index is getting near the level.

Palo Alto Network, Inc (PANW)

PANW share prices breakout and close above the trend line also the daily SMA 200. It is opened in the bullish path, but might experience rejection near the $183.85. Traders will observe the share prices reaction near the daily SMA 200. If it could maintain the positions above the level and bounce upward, then we might see an attempt to resume the bullish trend.