U.S stock market opened the week mixed

We are nearing the end of the month and the stock market maintains bullish pressure to end the month on a higher note. Despite the recent bearish reactions, it seems the market is preparing for the Fed meeting this week. If the Fed decides to cut interest rates earlier then the bullish situation could immediately continue. Meanwhile, no rate cut might trigger a correction in the stock market before a further rally at the end of the year.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is mostly lower today which might bring the index down to retest the breakout point or continue lower toward the daily SMA 100. Traders will wait for further confirmation now nearing the Fed meeting this week. Overall, the index situation is bullish and might attempt to extend the bullish movement to print a new record high. However, if a bearish correction happens then traders could continue to accumulate long positions in stocks.

8 Hut Corp (HUT)

HUT share prices have broken above the bearish trendline which means the situation is bullish. However, the share prices currently undergo bearish correction and might retest the breakout point and the horizontal line. Traders could wait for bullish reactions near the point for a chance to enter long positions. The daily SMA 100 & 200 could become the support level to watch for bounce too.