U.S stock market higher after stronger job data

The U.S non-farm employment recorded a number of 139k increase compared to the 126k increase expectation. Down from previous report of 147k increase. Although the number stronger than expected, we could see the trending lower. Traders seems taking it as positive signal as the economy still has the power to resist recession. Despite the situation, the real movement might happen after this month FOMC meeting.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index trading upward today, but mostly sideways near the daily SMA 200. We will continue to watch the index reactions near the daily SMA 200 for now. If a bearish correction happens, then the index will target 40,000 level. There was release of U.S. job data today and DJIA index printed new higher high. However, it also looks like the index losing upward pressure. Under current situation, we will wait for either:

1. Sharp bullish breakout and continuation

2. Bearish reversal to target 40,000

Okta, Inc (OKTA)

OKTA share prices gapped down after the latest earnings report. It reached the daily SMA 100 and the support trend line. At the current time, the share prices is supported by both levels. If it continues the bearish movement, then traders could expect continuation toward daily SMA 200. Traders could use the daily SMA 100 and 200 as a place to look for long positions. On the upside, the share prices have potential to close the gap.