Stock futures flat ahead of Jerome Powell’s speech

The stock market has enjoyed bullish movement this past two weeks and nearing a record high. Traders and investors have high conviction that the Fed will cut interest-rate in the next meeting. Aside from that, inflation numbers show a decreasing trend and job data is not too encouraging. At the end of this week, Jerome Powell will give a speech in Jackson Hole. It could give more information on the Fed’s stance on the economy. We might see high volatility movement.

Technical Analysis

Dow Jones Industrial Average (INDU)

The DJIA index bullish movement stalled but it is not far from reaching a new record high. The index might trade sideways ahead of Jerome Powell’s speech this week. If the index start moving lower again then traders will wait near the support level for bullish reactions. As the interest-rate cut is looming, it is better to maintain the bullish outlook until a bearish breakdown happens.

Advanced Micro Devices Inc (AMD)

AMD share price upward movement reached the daily SMA 200 recently. The bullish movement might continue to test the bearish trendline as shown on the chart. If the share prices experience bearish rejection then traders could enter short positions. On the other hand, if a bullish breakout happens then the trend will change again from bearish to bullish.