U.S stock market slightly lower

The market situation slightly bearish today as the government shutdown continue for the second week. The longer the shutdown, the higher the chance for major bearish correction to happen in the stock market. No change to the overall outlook, traders will treat each bearish correction in the stock market as a chance to add long positions, especially when we are nearing an interest-rate cut.

Dow Jones Industrial Average (INDU)

DJIA index have another bearish day but no new lower low printed. It means the index is in consolidation and might trade sideways or neutral. If a major bearish correction happen, then we could expect downward movement to target 45,000 or the orange trend line. However, if there is no major bearish correction, then the index could immediately continue the bullish trend.

Wells Fargo & Company (WFC)

WFC share prices is currently trading near the daily SMA 100 and the trend line. There is bounce reaction which could lead to new bullish leg. Traders could enter long positions with stop below $78.00 or below daily SMA 200. As long as the price continue printing new higher swing high and higher swing low, the bullish situation will continue.