Stock futures gaining, set to continue latest bullish leg

The stock market is expected to open higher today as DJIA futures are currently up 60 points. Traders are focusing on the earnings releases which bolster the stock market. In the latest news, traders are warry of rising inflation numbers and the Fed tone which diverts from rate-cut to take slower approach. Nevertheless, traders will continue treat each bearish movement in the stock market as chance to add long positions for now.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index has reached the 37,750 – 38,000 support area and shows bullish reactions. It seems a new bullish leg is confirmed as the index also surpasses the daily SMA 100. Will the bullish movement continue immediately? Alternatively, will it turn lower again and target the level around 37,000 and daily SMA 200 before the next bullish trend?

Paypal Holdings Inc (PYPL)

PYPL share prices have climbed above the daily SMA 200 and currently maintaining the position above it. The share prices are expected to bounce from the daily SMA 200 and continue the upward movement. When the share prices could continue moving upward and print a new higher high then the bullish continuation will be confirmed.