U.S stock market slightly lower

The stock market take a downward turn at the beginning of the week, preparing for the FOMC minutes of meeting release and Jerome Powell speech. Up until now, we could say the Fed continue to be reluctant to cut interest-rate and decide to wait & see. The latest inflation numbers is suggesting another delay as PPI missed big time, and it could affect next CPI & other inflation data reports. Under current situation, traders could maintain cautious bullish outlook on the stock market.

Dow Jones Industrial Average (INDU)

DJIA index hanging near the swing high and not showing bullish continuation sign yet. Traders seems waiting for more reactions near the swing high. If a bearish correction happens again, then we expect the index to print a new higher swing high near the red trend line. Otherwise, it might be the time to continue holding / trim positions anticipating either breakout or bearish rejection.

Wells Fargo & Company (WFC)

WFC share prices is under bearish correction phase and currently trading near the daily SMA 100. There is bullish trend line present too near the current level but no strong bounce reactions yet. If the share prices continue the downward movement, then traders could wait near the daily SMA 200. Traders could use the area between daily SMA 100 & 200 as a place to accumulate long positions.