Stock market points lower at the beginning of the week

Last week has been another bullish week for the stock market. DJIA index printed a new higher high and is set to continue the bullish trend. However, traders will prepare for sudden bearish movement in the stock market as a healthy correction will happen. A bearish correction might or might not happen but traders better avoid shorting the stock market as the trend is bullish.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues hanging near the top and printing new higher highs. There is no major bearish sign yet which means no bearish correction. Despite the situation, a pullback might happen and traders will wait near support levels for a chance to add long positions in stocks. This year, the Fed might start a rate cut which might lead to a rally. It is better to avoid shorting the stock market for now.

Duke Energy Corp (DUK)

DUK share prices are back in a bullish trend after it claimed the close above the daily SMA 200. No major bearish correction has happened yet and the share prices look trading inside a triangle pattern. If the share prices start a bearish correction toward the daily SMA 200 then traders could use the chance to add long positions near the averages.