A drop in oil prices helped the stock market turn upward

The stock market opened slightly higher but there is no major bullish sign yet. Traders are taking a breather after oil prices take a downward turn after rising fears of imminent retaliation by Israel toward Iran. At the current time, traders will stay cautious and monitor the development in the Middle East while waiting for more data releases. Last week’s job data has been a positive catalyst for stock market movement. However, the situation is mostly mixed and sentiment could change drastically over time.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is mostly sideways near the record high without major movement. The index might continue consolidating for now while attempting to extend the bullish trend. If the index turns lower then traders could wait near the retracement levels or the 41,000 handle for bullish reactions. There is no change in the bullish structure yet which means traders will continue to maintain a bullish outlook.

Enphase Energy Inc (ENPH)

ENPH share prices are trading between $95.00 and $140.00. It is undergoing a bearish correction currently, but it might bounce from the trendline. Traders will use the chance to enter long positions, assuming that the share prices will move upward inside the bullish channel and target the top of the range, $140.00. The next long-term direction of the share prices will depend on the breakout direction from the $95.00 – $140.00 area.