U.S stock higher despite government shutdown issue

The stock market trading higher after initially take a bearish turn. Traders and investors seems betting that government will avoid shutdown or at least done it with short period. No change to the bullish outlook of the stock market, and a short-term bearish move is welcomed. Traders will continue to monitor the latest development on government shutdown. If it happens more than 2 weeks, then it could become a new risk to watch.

Dow Jones Industrial Average (INDU)

DJIA index turn higher again even though it is below the red trend line. The bullish trend is expected to continue, and we hope a bearish correction to happen first. On the lower side, the 45,000 level and the orange trend line will become the major support level to watch.

Coinbase Global (COIN)

The bearish correction has happened in COIN share prices. It retraced 1/3 from the top $450.00 and continue supported near the daily SMA 100 or the $300.00 handle. Our ideal bearish correction target is the purple box area or the daily SMA 200. However, it looks like the level won’t be reached as we are nearing the end of year and rate-cut in progress. Under current situation, when there is another bearish correction toward $300.00, traders could start adding positions.