DJIA get a slight boost before inflation data

DJIA futures are currently higher than 56 points before the market open. The upward pressure resulted from a strong Disney earnings report. DIS share prices rise 8% in the pre-market trading. At the current time, traders are waiting for key inflation data today. Will the stock market continue its previous day upward movement and target a new record high? Alternatively, will it start moving lower and start a new bearish trend below SMA 200?

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index printed a bullish close above the daily SMA 50 which initially confirm a bullish breakout. However, this breakout happens before the inflation data is released. The next direction will depend on the market reaction after the inflation data release. If the index moves lower after the data release and closes below the daily SMA 200 then traders will expect a bearish continuation.

JP Morgan Chase (JPM)

JPM share prices broke below the daily SMA 200 and currently moving upward in a recovery movement. The share prices soon will reach the daily SMA 200 and test it. If JPM gets rejected with a strong bearish movement then traders will prepare for medium-long-term bearish continuation.