U.S stock slightly lower after the Fed

The global market situation looks slightly bearish today after the Fed FOMC meeting yesterday. The market seems focusing back on the conflict in Middle-East. If the market takes a bearish turn, then traders will wait until the bearish pressure subside or near strong support levels for chance to enter long positions. Staying flat might be the best choice for now until there is strong momentum movement.

Dow Jones Industrial Average (INDU)

DJIA index slowly come under bearish pressure but no significant movement yet. The index might continue to consolidate near the daily SMA 200 until the end of month. Alternatively, the best scenario is a bearish movement to retest the 40,000 level before bullish continuation. Under current situation, it is better to stay sideline and monitor the index movement.

E.L.F Beauty (ELF)

ELF share prices has climbed above the daily SMA 200 which might indicate trend change to bullish. However, there is no new higher swing high printed yet, which mean there is chance of bearish continuation. If the share prices started a bearish correction from the current level, then we expect it to maintain the daily SMA 200 and the 38.2% – 61.8% Fibonacci Correction area to continue the bullish trend. Traders could use both levels as places to scaling in long positions.