U.S stock reverse gain

The upward movement which triggered by NVDA-OpenAI investment losing steam today after the Fed Powell said equity prices are fairly highly valued. In the speech, Powell also mentioned the path to rate-cut was unclear. As the stock market has rallied to a new record high, it seems a pause might happen soon. When the downward movement loses the momentum and price stabilized, traders could start adding more long positions. For now, it might be better to partial trim or take profit.

Dow Jones Industrial Average (INDU)

DJIA index extended the upward movement today but there is bearish reaction. At the current time, the index is trading below the opening level and might start a bearish correction this week. On the lower side, the 45,000 level and the orange trend line are the major support levels to watch. Under current situation, traders will wait for an actual bearish correction to happen for a chance to add long positions.

AT&T Inc (T)

T share prices formed a range between $28.28 – $29.79. It turned lower right now and soon might reach the $28.28 level. There are confluences of support levels between $26.69 – $28.28 which could become the buying area. Traders could wait until the bearish pressure receded and there is bullish reaction to enter long positions. For the current time, the trend line will become the major level to watch.