U.S stock market under pressure before Powell speech

The stock market situation is bearish today as the market awaiting further confirmation from the Fed Jerome Powell speech. We have sharp decline in the inflation data today which could pressure the Fed to start cutting interest-rate. It could become a signal of upcoming recession too as the market might turn pessimist. Traders will monitor the Fed’s decision on the news for now, as inflation has moved to where the Fed want.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index has reached the daily SMA 200 and will test the level for now. There were bearish reactions from the level, and it might confirm a bearish movement in the index. On the lower side, The index will attempt to close the latest gap. When the index manages to close above the daily SMA 200 and print a new higher swing high, it will confirm a bullish reversal.

Atmos Energy Corporation (ATO)

ATO share prices are clearly in a bullish trend and currently undergo bearish correction. It has reached the daily SMA 100 and show bounce reactions. If there is further bearish correction, then the daily SMA 200 is the place for traders to look for long positions. Based on the previous reactions, it is high chance that a bounce will happen at the daily SMA 100.