U.S stock market recover from initial bearish pressure

Nasdaq & S&P 500 turn positive after initially dumping. DJIA index also makes recovery but has not left the red zone. Traders seems unwinding from the selling which has happened this week. It could be a breather before further downside. For now, traders will observe the weekly closing level to get better clue on the next direction.

Dow Jones Industrial Average (INDU)

DJIA index touched the 47,000 handle and show bullish reaction. The index will attempt to maintain the position near the level and bounce upward. If the index could move upward strongly from the level, then the bullish trend could continue immediately. However, if the bearish pressure continues, then the index might resume the bearish movement toward the trend line.

Oklo Inc (OKLO)

OKLO share prices retraced from the top $193.84 and reached the $100.00 level, or the daily SMA 100. It might stabilize near the level, also the trend line, and look to bounce upward. Traders could use the current level to enter long positions with stop below daily SMA 200. If there is bearish continuation, then the daily SMA 200 as the final support level to watch.