U.S stock market advanced higher as oil prices tumble

The hope of ceasefire in the Middle East after President Trump announcement, brought the U.S stock indices higher today. Traders are betting that the war will stop, and the stock market could continue the bullish trend. There is a speech by Jerome Powell, also release of GDP data this week. If there is no major change in the situation, then traders could expect upward continuation in the stock market.

Dow Jones Industrial Average (INDU)

DJIA index gapped up on the hope of ceasefire between Israel-Iran. The index has returned to the high and might attempt to extend the bullish movement. However, traders will stay cautious as the Fed Jerome Powell will give a speech today. If the trend continues bullish, then the index will target new record high. On the other hand, if the trend suddenly turn bearish, then we might see bearish continuation below daily SMA 200 to target 40,000.

Yum Brands, Inc (YUM)

YUM share prices is currently testing the daily SMA 200 and show bounce reaction. It might continue moving upward to test the daily SMA 100 and resume the bullish trend. However, if the share prices could not immediately climb and print new higher high, then the trend might turn bearish again. On the lower side, there is potential for the share prices to close the gap and resume bearish trend.