Recession fear grip the stock market

U.S Q1 GDP fall and trigger sell-off today in initial trading hours. However, the bearish pressure absorbed and major indices claw back to its opening level. The market will focus on the release of job data at the end of the week and see whether the Fed Jerome Powell will change stance on interest-rate. Recession fear is increasing right now, and it could lead the market further lower if there is no improvement.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index fell with moderate momentum after the release of U.S. GDP data. However, the bearish pressure receded, and the index is currently trading back near the opening level. It seems the sideways situation will continue for now. Overall, we could see index stalling after rally but no major bearish momentum yet. There are gaps on either side which mean the index could go any ways it wants.

SoFi Technologies, Inc (SOFI)

SOFI share prices managed to regain the daily SMA 200 and stay above the level. The latest upward movement managed to print a higher swing high, which might be a confirmation that the trend has potential to turn bullish. At the current time, the share prices turn lower and might retest the daily SMA 200. Traders could use it as a chance to add long positions with stop below the previous swing low.