Stock market open higher on Friday

The U.S. Stock market opened higher today as traders focus on earnings and stock rotation from the tech sector. Release of PPI data show higher than expected numbers but it seems the market shrugged it off after CPI data. We might see the bullish pressure in the stock market continue and a new record high reached. At the current time, traders will wait for a bearish pullback in the stock market for a chance to add more long positions at a lower level.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index moving upward and looking to test the previous swing high. The index might be set to print a new record high and continue the bullish trend. No change to the bullish situation, traders will observe the index reactions near the swing high. If the index starts moving lower again then traders will use the daily SMA 100 as a possible place for bounce to happen.

Mastercard Inc (MA)

MA share prices have reached the daily SMA 200 and show an initial bullish reaction. The share prices might continue the bearish movement to test the $420.00 – $425.00 area. Traders could use the area and the daily SMA 200 as places to look for long positions when bullish reactions happen. A close above the daily SMA 200 after the bounce might confirm the continuation of the bullish trend.