Stock futures slightly higher after major bearish day

U.S stock market is set to open higher today as the index futures point upward. Earlier, the indexes move to the red zone but manage to recover. Traders and investors might stay sidelined until this week’s Jerome Powell’s speech in Jackson Hole. It might be better to wait until the Fed chief outline what the Fed thinks and will do to face inflation.

We might not see an aggressive rate hike as it is not a feasible option to pile more interest on the debt. However, something might happen which could trigger high volatility in the market until next month’s FOMC meeting.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index fell with strong bearish momentum yesterday. The rejection from the daily SMA 200 materialize and might develop into a full-scale bearish trend. At the current time, the bearish situation might continue but it needs to break the level around 32,500 and the daily SMA 100 to confirm bearish continuation.

Jabil Inc Com (JBL)

JBL share prices return above the daily SMA 200 and extended the bullish movement to test the orange horizontal line. There was three tests on the line previously and all of them resulted in bearish reactions. This time, the share prices broke above the level and closed above it. However, the bullish advantage immediately reversed and the price currently moving lower to retest the daily SMA 200.

We might see consolidation between the averages and the horizontal line level. Will the bull manage to push the share prices above the level and continue the bullish movement?