U.S stock market slightly lower

The stock market situation is slightly bearish today as traders awaiting the earnings release from NVIDIA. Aside from that, traders also awaiting the release of the Fed minutes of meeting, which will give clue on interest-rate decision. If the Fed maintain the same outlook as before, then we might not see much movement. We are nearing the monthly close, which might be the reason that market trading sideways for now.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index trading back and forth the daily SMA 200 and showing sideways situation. The index attempting to continue the bullish movement after another tariff pause, but it could not climb above the daily SMA 200. At the current time, we might see the index continue trading near the daily SMA 200 and traders will wait for further reactions. If the index started a bearish correction, then 40,000 is the level to look for bullish reactions.

Coinbase Global, Inc (COIN)

COIN share prices has broken out above the bearish trend line which mean the trend has changed. We might see a bearish correction in the share prices where traders could use it as chance to add long positions. On the lower side, the 23.6% and 38.2 retracement levels is the place to look for long positions. Aside from the Fibonacci Retracement level, the daily SMA 200 also a major support level to watch.