Stock futures are mostly flat ahead of more earnings results
The stock market might continue waiting for more directions as traders and investors await earnings results and the Fed FOMC meeting next month. The Fed meeting next month might become the pivot point where it might be the last time the Fed raises the interest rates. If the stock market starts moving lower again then traders will wait near support levels for a chance to enter long positions.
Technical Analysis
Dow Jones Industrial Average (INDU)
DJIA index reached the trendline target and will keep testing it now. If the index gets rejected then traders will expect more consolidation between the daily SMA 200 and the trendline. On the other hand, if a bullish breakout and a new higher high are printed then the bullish trend could continue. On the lower side, the nearest support level is 33,500, and the daily SMA 100.
Jabil Inc Com (JBL)
JBL share prices printed a new higher high and currently undergo bearish correction. The bearish correction has reached the daily SMA 100 where it might find support and bounce upward. Traders will observe the reaction near the current level. When there is a bullish reaction, traders could enter long positions with a stop below the previous swing low. There are two possible scenarios to watch:
- The price consolidates near the daily SMA 200 and bounces from it to continue the bullish trend.
- The price consolidates near the averages and breakout lower to target the previous swing low