Stock market kick-off the month with a bullish tone

Strong results from AMZN bring optimism to the market today. Aside from the results, U.S. non-farm employment recorded a 12k increase vs. 100k increase expectations. It is a big sign that the Fed will continue the rate cut this month at least 25 bps. Not much change to the bullish outlook of the stock market, traders will continue to hold long positions and wait for a chance to add more, especially after the election.

Technical Analysis

Dow Jones Industrial Average (INDU)

The DJIA index moved upward and erased all of yesterday’s losses. The index looks ready to start a new bullish leg to target a new record high. Traders will continue to maintain long positions in the stock market and avoid short positions. Next week, the U.S. election might become a catalyst for upward movement. However, traders might want to stay cautious and wait for the reactions after the results announcement.

Hasbro Inc (HAS)

HAS share prices dropped after consolidated below the $73.50 level. The bearish movement has reached the daily SMA 100 and looks to be forming support near it. Traders could use the daily SMA 100 to add long positions. On the lower side, the daily SMA 200 will become the next support level to watch. As the share prices have not printed a new lower swing low, the trend will continue bullish.