U.S stock futures mostly higher after FOMC meeting

Yesterday’s FOMC meeting confirmed that the Fed will start cutting interest in September. It brought the stock market higher but no new higher high printed yet. Traders seem to stay cautious and monitor the conflict between Israel and Iran after the latest attack. Despite the situation, we think the stock market could continue the bullish movement with or without a bearish correction between August – September.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index attempted to move upward and print a new record high. However, the bullish pressure waned, and the index failed to print a new record high. At the current time, the index futures are trading slightly higher but without strong bullish pressure. Will the index resume the bullish movement and print a new record high? Alternatively, will the index move lower again to retest the previous swing low?

Back Of America (BAC)

BAC share prices are in a bullish trend and recently moved lower to test the support level. The share prices are trading near the trendline and the horizontal line and traders will wait for reactions now. If the share prices could bounce upward with strong bullish pressure then traders could enter long positions. Without any bullish reactions, traders better avoid entering long positions.