U.S stock market mixed

DJIA index slightly lower while S&P500 flat, on another note, Nasdaq gaining 100 points. Traders are preparing for the release of inflation data tomorrow. We could expect another drop in the numbers, which will put more pressure on the Fed to start cutting interest-rate. Nevertheless, the current situation looks bullish, and confirmation of an interest-rate cut will further push the market upside.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index bullish movement has reached the daily SMA 200 just before the inflation data. Tomorrow, we might see reaction in the index. If the index extended the bullish movement and close above daily SMA 200 then the bullish movement could continue. As the current situation is bullish, there is high chance that the resistance level broken to the upside. However, the next direction might depend on the next FOMC meeting.

O’Reilly Automotive, Inc (ORLY)

ORLY share prices is in a bullish trend and now retraced to the daily SMA 100. It might bounce upward again from the averages, as what happened before. Traders could use the moment to enter long positions. On the lower side, if bearish pullback continue, then the daily SMA 200 is the level to watch for more long positions entry.