Stock futures are slightly higher after the previous day bearish close

DJIA futures are currently higher by 173 points which indicates a bullish opening. Traders and investors are assessing the market after the quarterly close. There are U.S job data to observe too. A stronger number will give the Fed more ammunition to combat the current rising inflation. On the other hand, a weak number could trigger selling in the stock market and trigger a new bearish leg as there is not much the Fed could do aside from rising interest-rate.

Traders also will monitor the Russia – Ukraine situation. Previously, Russia pressured “unfriendly” countries to pay for their gas in Rubles or they will cut the supplies. Meanwhile, oil prices continue moving lower toward the $100.00 handle and might continue under pressure as more supplies are released to the market.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made a bearish close with strong momentum yesterday. The index closed below the daily SMA 200 again and was at risk of further weakness. If the index resumes the bearish movement with strong momentum today then the bearish trend is set to continue. Traders will wait for the weekly closing level to judge the index’s next direction.

Stag Industrial Inc (STAG)

STAG movement seems to copy the DJIA index movement. The share prices currently trading near the daily SMA 200 and formed a bearish engulfing pattern. If there is bearish follow-through then we will see a continuation of the bearish trend to target a new lower low. On the other hand, if the share prices continue to climb and print a higher high then the bearish trend will be canceled.