U.S stock flat near record high

Traders are getting more optimistic that more rate-cut will happen before the end of the year. Yesterday’s CPI data overshadowed by unemployment claims numbers, which jump to the highest level since October 2021. Staying bullish under current situation is the best strategy to choose. However, nearing the FOMC meeting or after that, we might see everything already “priced in” and a corrective movement could happen.

Dow Jones Industrial Average (INDU)

DJIA index bounce again from the trend line with strong bullish momentum. It seems traders are betting on rate-cut and make early rally toward next week FOMC meeting. The same as before, as the index continue to stay above the trend line, the situation is bullish and traders will continue to maintain bullish outlook. On the lower side, if the index start a new bearish correction then 45,000 level is the major level to watch.

PepsiCo, Inc (PEP)

PEP share prices has climbed above the daily SMA 200 and currently fall to test it. If the share prices could stabilize and form strong bullish reaction, then traders could add long positions. On the lower side, $136.50 might become the invalidation level for bullish scenario.