U.S. Stock market ready to extend gain

Yesterday’s strong performance of the stock market was fueled by a rally in NVDA share prices. The boom in AI-related technology provides a big opportunity for NVDA. We might see the current bullish movement continue for a while. However, a bearish pullback could happen too and traders will wait for the bearish correction to enter more long positions at the support level. Not much change in the market situation, traders will continue to ride the current bullish movement while waiting for a bearish correction.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is set to resume the bullish movement after yesterday’s bullish close. At the current time, DJIA futures are trading up 54 points and indicate a bullish opening. Nevertheless, a bearish correction might happen in the index and traders could wait near the support level for bullish reactions. As the bullish trend has kicked off this year, traders are better off holding long positions in stocks and avoiding shorting it.

Apple Inc (AAPL)

AAPL share prices are sitting near the daily SMA 200 and the multiple bottom support. If the share prices could bounce and continue the bullish trend then traders will expect a test on the trendline. A breakout above the trendline will confirm the continuation of the bullish trend. Meanwhile, a breakout and close below the horizontal support line will trigger a bearish continuation to target the previous swing low.