Stock market back under bearish pressure after failed bullish attempt

The stock market took a bearish turn today after it failed to maintain the bullish pressure at the beginning of the trading day. Traders are preparing for the release of U.S. job data at the end of the week. We might see further weakness ahead of the data release. At the current time, traders will wait until the bearish pressure receded for a chance to add long positions in stocks.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index attempting to reverse the bearish movement that happened yesterday. But, the index looks losing upward pressure and currently trading not far from the opening level. If the index continues the bearish correction then it will target the 40,000 handle and the daily SMA 100. As mentioned before, traders will continue to treat the bearish movement in the index as a correction movement. It is a chance for traders to add more long positions in stocks at a lower level.

Nvidia Corp (NVDA)

NVDA share prices made a major bearish pullback after printing a new lower swing high. The share prices might trade lower and test the trendline also the 38.2% Fibonacci Retracement level. Traders could observe bullish reactions near both levels. When there are bullish reactions, traders could enter long positions.