The stock market mostly flat after October’s weak start

The market is on shaky ground as tension escalates in the Middle East. After the latest missile attack by Iran, it seems oil prices are on the upward move. Traders could expect the energy sector to trend bullishly on the current news. A bearish movement in the stock market might happen as a response to the rising tension. However, traders will continue to use the bearish movement in the stock market as a chance to add more long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index hanging near the top without a sign of bearish retracement. The index traded lower at the opening but currently has recovered above the opening level. Will the index immediately continue the bullish movement to target a new record high? Alternatively, will it start moving lower again to retest level around 41,500 before further upside?

Weibo Corporation (WB)

WB share prices popped the $10.00 resistance level after China announced a massive stimulus package to bolster the economy. Traders will take watch on the $10.00 handle. If the price manages to reach it, then traders will use it as a chance to enter long positions. China’s share prices have been in a downturn for a few years and the current upward movement could be a sign of a bullish leg in its stock market.