U.S Stock Climbing after previous day’s slump

The stock market is expected to continue its bullish movement today as the stock futures recoup from yesterday’s bearish movement. Traders will continue maintaining a bullish outlook in the stock market as it continues to print new record highs. Traders will continue to use each bearish correction in the stock market as chance to add more long positions at a lower level. The interest rate will continue moving lower and now the market will focus on the presidential election.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index closed lower yesterday after a new record high, which might suggest a bearish correction in the stock market. On the lower side, it might target the level around 41,500 where a bounce might happen. If the index extends the bearish movement below the level then it could target the 40,000 handle for a stronger support level. As long as the index continues printing new higher swing highs and higher swing lows, traders better avoid shorting stock market.

Iris Energy Limited (IREN)

IREN share prices look trading near an interesting area. The share prices are looking to break out from the resistance area to continue the bullish trend. If the share prices failed to break out then traders could expect the bearish correction to target the lower trendline and the level around $6.00. Traders could use the current area and the lower level as places to add long positions while expecting a bullish continuation.