U.S stock market hits new record high before key inflation data

This week, the U.S. stock market continued its bullish trend and set new record highs. The upward movement happened just before the release of key inflation data. If the inflation data show a downward trend it could put more bullish pressure on the stock market. Traders will continue hold long positions for now and await for bearish pullback to enter more long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues moving upward without any major bearish reactions which means traders will continue to ride the current upward movement while waiting for a bearish correction. When a bearish correction happens, the level around 37,500 – 38,000 might be the place where bullish reactions happen. Traders will continue accumulating long positions this year and waiting for the Fed interest-rate cut.

Kraft Heinz Co Com (KHC)

KHC share prices managed to bounce from the daily SMA 200 in the previous bearish attempt and printed a higher high. The share prices turn lower again right now and reach the daily SMA 200. Traders will monitor the reactions near the averages for now. When there is a major bullish reaction, traders could enter long positions near the averages.