Stocks trade lower on Monday after two weeks of gain

DJIA index opened lower today by more than 100 points. No major movement yet after two weeks of gain which brought the index back from a negative area. If the index continues to maintain the current bullish pressure then we will have a bullish closing for March. April was mostly a bullish month as the company reported earnings results.

Traders will continue to monitor the market situation for now as it could suddenly turn bearish anytime as the Russia-Ukraine war has not concluded yet. Also, disruption in commodities prices is expected to continue which could raise inflation numbers further higher.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index trade above the bearish trendline and currently testing the daily SMA 200. The index might continue to trade sideways near the level and wait for a reaction. The prevailing trend is bearish which suggests a bearish reversal has a high chance to happen. A bearish rejection from the daily SMA 200 could bring the index down to a new bearish trend.

Marvell Technology Inc (MRVL)

MRVL share prices climbed back above the daily SMA 200 and currently moving upward to test the daily SMA 100. If MRVL gets rejected then the share prices are expected to consolidate between the daily SMA 100 & 200. At the current time, there is no higher swing high printed yet which means there is a chance that the bearish movement could continue.