U.S stock market losing ground

The upward movement of the stock market continue today after the release of CPI data which is lower than expected. However, the situation turned bearish as major indices retraced and trading below the opening level. Traders seems waiting for more inflation data tomorrow, and next week FOMC meeting. As mentioned before, the stock market might trade sideways before the interest-rate decision.

Also the tariff talk between U.S-China continue and the market will continue to observe the announcement.

Dow Jones Industrial Average (INDU)

DJIA index grinding upward with slow movement. The index printed new higher high, but immediately turn lower to the opening level again. It might continue trading not far from the daily SMA 200 and traders will wait for more confirmation. This week inflation data might have influence on the index movement. However, next week FOMC meeting will become the major news to watch for volatility in index.

Progressive Corporation (The) (PGR)

PGR share prices turn lower with strong bearish momentum and almost reached the daily SMA 200. It might test the averages and attempt to bounce from it. If the share prices could bounce upward with strong momentum, then we might see a triangle consolidation. On the other hand, if bearish breakout happen below the daily SMA 200, then PGR has potential to target $250.00 handle.