U.S stock market turn lower after job data

The job data release shows a miss on the Non-farm employment numbers also higher unemployment rate which mean bearish for USD. However, the market seems turning over Powell’s speech and dump the market based on recent tariff war situation. Traders might want to see the market reactions after Powell speech. If the market reverse to the upside, then we might have reached a short-term bottom.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index extended the bearish movement and almost reach the daily SMA 200 bearish target. The bearish situation might continue for now, but traders will wait for bullish reactions near the support levels. When there is bullish confirmation, traders could add more long positions in stocks and the index. However, if bearish breakout with strong momentum happen, then the bearish situation might continue again.

TJX Companies, Inc (TJX)

TJX share prices dropped with moderate bearish momentum today. It printed a new lower low and currently trading near the daily SMA 200. If the share prices could bottom out near the daily SMA 200 and reverse the bearish movement immediately, then we will see new bullish leg. However, if the share prices pushed below the daily SMA 200 and make a monster bearish candlestick close, then the scenario will turn bearish for the share prices movement.