Stock futures trading upward after yesterday’s bearish close

The stock market attempting to recover from yesterday’s bearish movement. Despite the bullish sentiment in today’s session, it seems the market will wait for more confirmation in this week’s Jackson Hole symposium. The Fed might provide more clues on the future interest rate and outlook of the economy. Under the current situation, traders will brace for further weakness in the stock market while continue accumulating long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index undergoes a bearish correction and has moved below the bearish target of 34,500. The index might continue lower to target the daily SMA 200 before the Fed interest-rate announcement. No bullish sentiment which means the index might consolidate near the daily SMA 100 and has a bearish bias for now. Traders could use the bearish momentum for a chance to accumulate long positions in stocks.

Dupont De Nemours Inc (DD)

DD share prices are in a bullish trend and each bearish correction is a chance for traders to enter more long positions at a lower level. On the lower side, traders will observe the daily SMA 200 and the trendline. If the share prices could reach both levels and produce bullish reactions then traders could enter long positions targeting a new higher high.