U.S stock advanced to record high

Nasdaq indices continue moving upward and print new record high, while S&P 500 is not far from the new record high. The latest GDP data become a major reason for current bullish movement in the stock market. The Q1 GDP revised lower to -0.5% vs. -0.2%. The numbers will put more pressure on the Fed to tackle the situation, either with lower interest-rate or loosening of policies.

Dow Jones Industrial Average (INDU)

DJIA index extended the bullish movement and disregarding all negative news. The market seems convinced that a rate-cut is near and continue driving the index higher. Ideally, a bearish correction toward support level will provide traders with opportunity to enter long positions at a lower level. Without bearish correction, buying near the current level is buying the resistance level and provide bad risk : reward ratio.

Toast, Inc (TOST)

TOST share prices formed a range between $41.1  – $45.5 and there was major bearish movement yesterday. There is bearish continuation today below the area, but at the current time, the share prices make recovery and might close the day inside the range. If the share prices could close inside the range, then we will have a fake bearish breakout situation. Traders could enter long positions or wait until the daily close.

If the share prices resume the bearish movement then it will attempt to target the gap close situation and the daily SMA 200.