Stock futures mixed following the raise in oil prices

OPEC+ decision to lower oil production caused the rise in oil prices. It also causes bearish pressure on the S&P 500 and Nasdaq. However, the DJIA index is in a different direction. Under the current situation, traders might want to stay sideline and monitor the index reactions at the opening bell. If the index could continue moving upward then we might see a bullish continuation to extend last week’s gain.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index moving upward with strong bullish momentum above the daily SMA 200. The index will attempt to move toward the trendline and test it. If a breakout and close above the trendline happen then the bullish trend could continue. On the other hand, bearish rejection might print a lower high which opens the chance to print a new lower low.

Estee Lauder Companies (EL)

EL share prices are trading near the daily SMA 200 and might continue trading sideways for now. Nevertheless, the share prices might bounce from the daily SMA 200 and continue the upward movement on the upside, the share prices need to print a new higher high to confirm the continuation of a bullish trend. On the lower side, a breakout below the trendline and a new lower low will confirm a bearish continuation.