Stock futures slightly lower after record high

The stock market situation is bullish but it might open lower today. Despite the situation, we might see the stock market continue the bullish movement to print new record highs. Traders will continue assuming that the bullish trend will continue and better wait for a bearish correction. When the stock market makes a bearish correction, traders could enter long positions at a lower level.

As the current movement is bullish, we might see continuation until the Fed FOMC meeting next month. However, it is possible “Sell the news” could happen as the current bullish movement already priced in.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is hanging near the record high and will continue attempting to extend the bullish movement. Traders will continue to hold long positions while waiting for a bearish correction. When there is a bearish correction, traders could add more long positions in stocks at a lower level. It is better to avoid shorting as the current trend is bullish.

Nike Inc (NKE)

NKE share prices make a bullish correction and almost reach the daily SMA 100 and the previously broken support level. Based on the current trend, the share prices might experience rejection and resume the bearish trend to print a new lower swing low. However, if the share prices could climb and close above the $100.00 handle then the trend will turn bullish.