U.S. Stock futures hanging near the high after a strong week

The stock market situation mostly bullish since the previous week and is expected to continue this week. Traders are convinced that inflation numbers will continue to move lower and the Fed will start cutting interest rates. This week, traders will focus mostly on the release of FOMC minutes of the meeting and Jerome Powell’s speech. Any dovish hint and confirmation for a rate-cut will further deliver bullish performance in the stock market.

Technical Analysis

Dow Jones Industrial Average (INDU)

The DJIA index moving upward smoothly and soon will reach a record high. The index has a chance to continue the bullish movement this week and traders who already hold long positions in stocks will continue to hold the positions. A new record high will confirm that the bullish trend will continue. If a bearish correction happened, the 40,000 handle might become the major support level to watch.

Micron Technology, Inc (MU)

MU share prices are undergoing a bullish correction and currently reach the flip level (Previous swing low). The share prices will test the area between $100.00 – $110.00 for an upward breakout. If the share prices could continue the bullish movement then daily SMA 100 and 50% Fibonacci Retracement level will become the next major resistance level to watch. Traders could use the $100.00 – $110.00 area as a place to enter long positions when there is a bounce from the $100.00 handle.