U.S stock mixed

July or the third quarter has been started, and the stock market seems trading mixed. DJIA index mostly higher with 300+ points gain while S&P500 and Nasdaq pullback 0.31% & 1.1% respectively. The situation continue to be bullish as the Fed Jerome Powell giving speech today. The Fed chairman noted that the Fed could have lower interest-rate by now were it not for the tariff. Despite the situation, it seems the market believed a rate-cut will start soon and help to propel the stock market further upside.

Dow Jones Industrial Average (INDU)

DJIA index extending bullish movement and on progress to reach its previous record high. There is no change to the sentiment yet as the index consistently upward. If a bearish correction happens, then traders could wait near support level for a chance to enter long positions in stocks. 44,000 is the nearest support level to watch.

Nasdaq 100 E-mini futures (NQ)

NQ finally start a major bearish pullback today with strong momentum. The bullish trend still intact and a healthy bearish correction is in progress. On the lower side, traders could watch the levels 22,000, 22,320, and 22,415 for bullish reactions to enter long positions. If the index makes a deeper correction, then 50% retracement at 21,831 could become the best place to long. As the latest bullish movement has strong momentum, we think the correction might be limited to 10-30%.