The U.S stock market is slightly higher after inflation data

The core PCE price index comes out 0.1% as expected which is lower than previous numbers of 0.3%. It seems the inflation numbers continue to show a declining trend but in today’s case, it is in-line with expectations. Not much movement in the stock market for now. Traders will continue to expect the stock market to trade sideways with a bullish bias until the next FOMC meeting.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index maintains the position above the daily SMA 100 and will attempt to continue the bullish movement to print a new higher swing high. Currently, the situation is neutral with a lower high and higher low. The next higher high or lower low might confirm the index’s medium-term direction. On the lower side, a close below 38,000 and a new lower low will confirm a bearish trend reversal.

Rivian Automotive Inc (RIVN)

RIVN share prices gapped up and reached the 50% Fibonacci Retracement level. The share prices also reached the daily SMA 200 and showed bearish reactions. If the share prices could extend the bullish movement and close above the daily SMA 200 and the 50% Fibonacci Retracement level then the bullish movement could continue. On the upside, the $20.00 handle might become the resistance level to watch.