Stock futures rise as traders eyes on Powell’s speech

Traders and investors await the Fed’s Jerome Powell speech today in Jackson Hole. The speech will further confirm the Fed’s plan to cut interest-rate which will push the market further upside. However, as the current bullish movement has reached the level near the previous swing high, traders will prepare for the “Sell the news” event too. If the stock market turns lower then it is a chance for traders to add long positions at a lower level.

Technical Analysis

Dow Jones Industrial Average (INDU)

The DJIA index finally printed a bearish close yesterday which might indicate the start of the bearish movement. However, the index could turn bullish anytime and continue upward to print a new record high. On the lower side, 40,000 is the nearest support level to watch. As traders are waiting for the Fed interest-rate cut, it is better to maintain a bullish outlook for now.

Oracle Corporation (ORCL)

ORCL share prices printed a bearish close yesterday which might confirm a bearish correction in the share prices. It might move lower to test the level around $135.00 or the daily SMA 100. Traders will observe the share price reactions near both levels for bullish reactions. When there are bullish reactions, traders could enter long positions targeting a new higher high.