Stock futures gaining after the best week in 2023

U.S stock market futures gained before the market opened today and are set to continue the bullish gain last week. The stock market sentiment seems to have turned bullish as there is a chance of tone in the latest FOMC meeting. The Fed might have capped the interest-rate hike which mean traders will wait for rate-cut to confirm the next bullish trend.

We continue to maintain a bullish outlook for the long-term while making use of each bearish correction to add more long positions in stocks.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index returned above the daily SMA 200 and continued the upward movement with strong momentum. It seems the trend has changed again from bearish to bullish. Traders who have entered long positions when the index was in a bearish phase could hold the positions now. If the index starts a bearish correction then the daily SMA 200 will become support level.

Ati Inc (ATI)

ATI share prices jumped after the earnings release. The share prices closed above the daily SMA 200 and looks will continue the bullish movement. At the current time, the daily SMA 200 will become the support level to watch when a bearish correction happens. Traders could use the averages for the chance to enter long positions.