Stock futures trading lower ahead of inflation & job data

The U.S. stock market is set to open lower today as traders wait for the release of inflation data. Aside from the inflation data, traders also will monitor the release of job data at the end of the week. Both data will provide traders with a better view of how the Fed will react next. If inflation continues to cool and job data show weaker numbers then it will add more fuel to the current bullish movement.

Technical Analysis

Dow Jones Industrial Average (INDU)

No bearish correction in the DJIA index yet. The index maintains its position near the top and will attempt to extend the bullish movement. This week, traders will monitor the release of PMI data and job data at the end of the week. If a bearish correction happens then it might target the level around 34,500. Traders will monitor the index reactions near the support level for a chance to add long positions.

General motor (GM)

GM share prices are trading lower toward the cluster of averages. We expect the share prices to produce bullish reactions near the averages and continue the upward movement. On the upside, the share prices need to breakout above the trendline to confirm a bullish continuation. If the share prices move lower with strong bearish momentum and close below the cluster of averages then the trend will turn bearish.