U.S stock climb higher on data heavy week

Last week, the market turning positive as the Fed showed dovish remark. A rate-cut is expected this month and there is possibility of two rate-cut before the end of the year. This week, traders will focus on the inflation data releases. If the inflation number stay under control, then it will become strong confirmation for a rate-cut by the Fed.

Dow Jones Industrial Average (INDU)

DJIA index trending upward slowly and continue to be supported by the trend line. The index situation has not changed to bearish and traders better avoid shorting the market unless there is strong bearish evidence. If the index breakout lower, then it might target the orange trend line and daily SMA 200. Under current situation, it is best to assume all bearish correction will be bought near the trend line.

Mattel, Inc (MAT)

MAT share prices formed a rising wedge pattern after the sharp drop below daily SMA 200. At the current time, the share prices is trading near the daily SMA 200 where it might experience bearish rejection. If there is strong bearish rejection, then traders could enter short positions targeting the 1.272 and 1.618 Fibonacci extension level.