Stock market turns lower ahead of Job data

The stock market situation is mostly stable despite the increasing conflict in the Middle East. All eyes are on a possible war that could spread worldwide. Also, the market predicted rising inflation caused by oil price increases and disruption in supply transport. At the current, traders might want to stay sideline and monitor the release of U.S job data. If job data continue to show a decreasing trend more than expected then it will spur more concern about economic growth.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made a neutral close yesterday, maintaining its position near the swing high. No change to the index’s bullish situation and traders will wait for a bearish correction to enter more long positions. At the current time, traders will continue to maintain a bullish outlook on the stock market. When the index turns lower and tests 41,500 or 40,000, traders could use it as a chance to add more long positions.

Cloudflare, Inc (NET)

NET share prices is in a bullish leg as it run above the trendline. In the latest bullish attempt, the share prices were limited around $87.00 – $88.00. It might continue moving lower to test the bullish trendline. As long as the trendline could hold from bearish pressure, traders could use it as a place to add long positions. We expect a breakout above the resistance level and a continuation of the bullish trend.