Stock futures gaining ahead of inflation data release

The U.S. stock futures eke small gains in today’s trading session before the release of U.S. inflation data. There will be PPI data and inflation rates to watch. If the inflation numbers continue to decrease then the stock market could become more bullish. However, if the inflation number starts to increase again then it will put bearish pressure on the stock market. At the current time, it is better to observe the data release and the market reactions before deciding to enter major positions. However, if traders want to speculate, it is better to take on the bullish side as a rate-cut by the Fed is imminent.

Technical Analysis

Dow Jones Industrial Average (INDU)

The DJIA index trades back above the daily SMA 100 and will attempt to maintain the bullish pressure. On the lower side, as long as there is no lower swing low, the index could continue the bullish trend. At the current time, traders better waiting for the release of inflation data and the market reactions after that. If the index could extend the bullish movement with strong momentum then it will attempt to target a new higher swing high.

Oracle Corporation (ORCL)

ORCL share prices look trading inside an uptrend range as shown on the chart. The share prices bounced from the daily SMA 100 recently and will attempt to continue the bullish movement inside the range. If the share prices trade lower, as long as there is no lower swing low printed on the chart, it will continue the bullish trend. Traders could continue to use the bottom of the range as a place to enter long positions.