Stock futures pointed lower after new 2023 high

The bullish performance of the stock market leaves all bears in awe as DJIA printed a new 2023 high. At the current time, stock futures are trading on the bearish side and might trigger a new bearish correction. Traders will avoid shorting the stock market and wait near support levels for a chance to enter long positions.

Under the current situation, the market seems to disregard the Fed and might push the stock market further upside. However, if it gets too hot then something unexpected as a rate-hike could happen. Or we might see a sharp bearish turn before further upside.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is in a full-blown bullish move which printed a new higher swing high. If the bullish movement could continue then it will attempt to surpass the 2022 high. Despite the situation, a bearish correction might be due and traders will wait until the bearish correction happens for a chance to enter long positions at a lower level.

Jabil Inc (JBL)

JBL share prices gapped down toward the daily SMA 100. At the current time, the share prices are trading near the level and waiting for further confirmation. If the bearish pressure continues to increase then traders could expect continuation toward the daily SMA 200. Traders could use the chance to enter long positions near both averages.