U.S stock futures slightly lower ahead of Jackson Hole speech

DJIA printed two days of bullish closes before the Jackson Hole speech which might bring the index further upward. Traders and investors seem pricing in a 75 bps rate hike in the upcoming FOMC meeting. If the reactions after the Jackson Hole speech are bullish then we might see temporary movement before further weakness.

We think the index will continue the bearish movement until next month’s FOMC meeting.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index shows a bullish reaction inside the horizontal range shown on the daily chart. The bullish movement might continue upward to test the daily SMA 200. Traders will continue to monitor the index reactions for now. If the index shows another bearish reaction with strong momentum then it might be the time for bearish continuation.

Pinterest Inc (PINS)

PINS share prices show bullish reactions with strong momentum yesterday. The upward movement soon will test the daily SMA 200. We might see a golden cross pattern also between the daily SMA 50 & 100. If the share prices get rejected then it might consolidate between $20.00 and daily SMA 200.

Traders could use the support level for the chance to enter long positions while expecting a breakout above the daily SMA 200.