U.S stock rallying on AI play

Report from Alphabet earnings boosted the market as it show more of company influence in the AI sector race. Traders are currently trading cautiously after the technology sector took a significant downward correction. Last Friday, the Fed’s William comment on interest-rate boosted the market and bring the hope of rate-cut in December. After November close, we might see more upward pressure in the stock market following the end of Fed QT.

Dow Jones Industrial Average (INDU)

DJIA index opened higher today and looking to add more gain after last Friday’s rally. The index might move sideways this week, following the holiday-shortened week. If the index continues moving lower, then it might target the previously broken swing high at 45,000. Traders will continue waiting until the index produce strong bullish reactions from support level to enter long positions in stocks.

Riot Platform, Inc (RIOT)

RIOT share prices broke above the weekly 200 and printed a new higher swing high. After the test on $20.00 level, the share prices turn lower again and currently sit near the trend line and the daily SMA 100 & 200. Traders will wait until the bearish momentum subside and there is strong bullish reactions to enter long positions. On the daily chart, we are near the daily SMA 200 where the share prices looks stabilizing. If the share prices could bounce upward with strong bullish momentum, then traders could expect new leg to retest $20.00.