U.S stock extend the upward movement before inflation data

The stock market seems optimistic that a series of data this week will not hinder the Fed from cutting interest-rate. Current expectation sees higher than expected inflation numbers, which mean a lower number might trigger strong buying appetite. Nevertheless, traders better stick with long positions and avoid shorting. When there is bearish correction in the stock market, traders could use it as a chance to add long positions.

Dow Jones Industrial Average (INDU)

DJIA index stick near the trend line and continue the bullish movement. There is no change to the bullish situation as the index grinding higher. As we mentioned, if the index managed to breakout lower, then the orange trend line is the support level to watch. Under current situation, it is better to stick with long positions, especially when expectation of rate-cut increasing.

CrowdStrike Holdings, Inc (CRWD)

CRWD share price’s bearish correction has lasted for two months where there is no new swing high on the chart. It has reached the daily SMA 200 and there is slight bullish reaction. However, not enough momentum and the share prices continue limited below the daily SMA 100. We might see the price attempting to stabilize and consolidating between the two averages. If the share prices could maintain the position and bounce upward with strong momentum, then there is chance of bullish continuation.

On the upside, the level around $450.0 – $465.00 might become the strong resistance level to watch. On the lower side, 61.8% retracement is the major support level to watch after daily SMA 200.