U.S stock mixed after PCE data

The situation of stock market today is mixed as DJIA index and S&P500 moving upward, while Nasdaq take a bearish turn. Traders seems looking to add long positions, preparing for the upcoming rate-cut. Traders will maintain bullish outlook in the stock market and adding long positions whenever a bearish correction occur. Latest PCE inflation data come out inline with expectation at 0.2%.

Dow Jones Industrial Average (INDU)

DJIA index trading higher today but relinquished most of the gain. It might end the day higher, but there is a chance of bearish continuation. As we mentioned, if the index managed to continue the bearish correction, then the 45,000 level and the orange trend line will become the major support levels to watch.

Amazon.com, Inc (AMZN)

AMZN share prices pushed lower below the daily SMA 100 and might continue the downward movement to reach daily SMA 200. If the share prices could stabilize near the daily SMA 200 then traders could add long positions. On the lower side, traders could place stop order below $206.00 or $196.00.