U.S Stock market climbs to a new record high

There is no stopping in the upward movement of the U.S. stock market yet. Major indices continue to climb higher after the previous week’s rate cut by the Fed. The interest-rate cut is expected to continue which will bolster the stock market. Today’s data release shows a dive in consumer confidence, the data show 98.7 vs. the expected 104. It tells that consumers are worried about geopolitical instability and also a decline in business prospects. Despite the weak reading, it seems major indices shrugging off the data and holding out near record highs.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index not showing any major bearish sign near the record high. The index might continue the grind upward and print more record highs. At the current time, traders will wait for the index to start a bearish correction toward the support level. Strong bullish reactions from the support level will confirm the continuation of the bullish trend and provide traders insight to enter long positions in stocks.

Weibo Corporation (WB)

WB share prices are trading upward and soon will reach the daily SMA 200 also the trendline. If the share prices could break above both resistance levels with strong momentum then the trend could change from bearish to bullish. On the other hand, bearish rejection from the resistance levels will confirm the continuation of a bearish trend.