Massive bearish pressure, it is time to wait for a lower price

The U.S. stock market is shifting from bullish to bearish after a hard landing projection. It seems the situation will stay bearish for now at least until next month when the Fed will start cutting interest-rate. As mentioned before, the long-term trend is bullish which means the bearish correction which happens in the stock market is a chance for traders to add more long positions at a lower level.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index moved lower and printed a new lower swing low. It seems the index has printed lower swing high and lower swing low which means the current trend will stay bearish. On the lower side, the 38,000 handle could become the bearish target to watch. If a bearish breakout and close happen below the level then the bearish trend could continue for a longer time.

Blackstone Inc (BX)

BX share prices practically showed a major bearish movement in two days which could resulted in a bearish continuation toward the daily SMA 100 & 200. Traders will wait near both averages for chances to enter long positions. However, if the share prices fall with strong bearish momentum below both averages then the trend might continue bearish. Without any bullish reactions, it is better to stay sideline for now.