U.S stock market slightly higher after inflation data

The release of PPI data, which come out lower than expected, trigger buying in the stock market. However, it is not a strong buy and might stall. Traders seems waiting for next week FOMC meeting to get clarity on the future projection. If the meeting decide rate-cut, then it will trigger a rally in the stock market. Aside from the news, the market also observing the chance of Powell being replaced.

Dow Jones Industrial Average (INDU)

DJIA index slightly higher, but looks continuing the sideways movement near the daily SMA 200. Traders seems betting on more dovish FOMC meeting next week or the meeting after next week. Technically, a bearish correction is possible toward 40,000. But, if the index immediately resumes the bullish trend, then traders could expect a rally to target 44,000, 45,000 and new record highs.

3M Company (MMM)

MMM share prices formed a range between $141.5 – $155.00. The share prices are in a bearish correction phase now and traders could use the support level, also daily SMA 200 as place to enter long positions. Without breakout from the range, traders could apply range trading strategies with bullish bias.