Stock futures flat on new higher high

The bullish trend in the stock market has not take breather as the index continue pushing upward. In the latest prediction, analysts see three rate cuts in 2024 which fueled the recent rally. Despite the situation, traders might want to tread carefully as we might be near the top of the current rally. A pullback is reasonable and traders could add more long positions when a pullback happens. In short, don’t try to buy the top.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues trading upward and prints a new higher high. The index’s bullish trend might continue until the end of the year. However, traders will prepare for the upcoming bearish correction for a chance to add more long positions at a lower level in stocks. At the current time, just continue to ride the upward movement until it loses momentum.

The Trade Desk (TTD)

TTD share prices is trading in a bearish trend for now as they continue to print a lower swing high and lower swing low. At the current time, the share prices manage to climb above the daily SMA 200 and will attempt to print a new higher swing high. When the share prices break above the trendline and horizontal line then the trend will turn bullish. On the other hand, as long as the share prices continue to print lower swing high and lower swing low, the bearish trend will continue.