U.S stock resume bearish correction

The comment from the Fed Jerome Powell has brought bearish sentiment in the market. It is a normal correction, especially after breakout above 2024 high where there is no notable bearish correction. Despite the bearish correction, we maintain a long-term bullish outlook and see the current bearish correction as a chance for traders to add long positions. Wait until the bearish momentum fading or the price near support levels.

Dow Jones Industrial Average (INDU)

DJIA index extend the bearish movement as profit taking continue. As we mentioned before, there is chance the index to continue the downward movement to reach 45,000 level. Traders will wait until the bearish pressure receded near support level for a chance to add long positions in stocks. We maintain bullish outlook with 45,000 and the orange trend line as a major support level to watch.

NuScale Power Corporation (SMR)

SMR share prices bouncing from the daily SMA 100 each time it made correction toward the averages. The share prices are currently trading near the level and might bounce upward again. However, if the share prices continue the downward movement, there are $29.55 – $33.63 area and the daily SMA 200 as support to watch.