The stock market trading mixed

DJIA index turned lower while the Nasdaq gained and S&P500 flat. Traders seem showing mixed sentiment right now ahead of inflation data. Last week bearish pressure in the U.S dollar might continue if the inflation number shows a further lowering trend. At the current time, CME Fedwatch shows a 73.6% chance that a rate cut will happen in the September FOMC meeting. We could expect further bullish movement in the stock market but be ready for a major bearish reversal too.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made an upward attempt today but it has reversed. At the current time, the index is trading below the opening level and might continue consolidating near the daily SMA 100. Nevertheless, the index is expected to continue the bullish trend and print a new higher swing high. However, if the index moves lower below 38,000 then the trend will turn bearish for the medium-long term.

Ryder System, Inc (R)

R share prices underwent bearish correction and also formed a lower swing high. The share prices might trade inside a triangle pattern now while waiting for a breakout. If the share prices break out lower then the long-term trend will turn bearish. On the upside, a breakout above the triangle and the formation of a higher swing high will confirm the continuation of the bullish trend.