U.S stock continue downward movement

The stock market is under strong selling pressure just before NVDA earnings report. Aside from that, the government re-opening seems giving the market spook as economic data release will resume. We will have job data report this week, also FOMC minutes of meeting release. Traders seems less optimistic that the Fed will cut interest-rate in December. Previously CME Fed watch tool saw 90% chance of rate-cut, now it’s down to 40%.

It might be better to wait for the data releases to get confirmation on the direction of the market.

Dow Jones Industrial Average (INDU)

DJIA index break below 47,000 and looks continuing the bearish movement. As we mentioned before, if the 47,000 level could not hold the bearish pressure, then the orange trend line will become next target. Traders will wait until the index bearish pressure subside before entering long positions. Under current situation, it is better to stay sideline.

Oracle Corporation (ORCL)

ORCL share prices is trading lower consistently and has reached the daily SMA 200. There is no bullish reactions yet from the averages. If the price could find support and bounce upward strongly, then it might start a new bullish leg. Otherwise, if the price continue moving lower, then it is better to avoid long positions.