Stock futures slightly lower, might indicate bearish correction

Stock indices maintained the bullish advantage as the bearish pressure subsided yesterday and the index managed to recover near the previous week’s closing level. Today, there is bearish pressure before the market opens but we might see further upside in the stock market. Despite the situation, it is better to wait for the market to do a pullback before entering more long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index was slightly lower yesterday but closed not far from the previous closing level. The index keeps hanging near the top and might extend the bullish movement. However, a bearish correction is also due and traders better await a bearish correction for a chance to enter long positions. On the lower side, the level around 35,500 will become the support level to watch.

Walmart Inc (WMT)

WMT share prices gapped down after the earnings result which provided traders with the chance to enter long positions near the daily SMA 200. However, the share prices broke below the trendline and might print a new lower low which could indicate a trend reversal. Traders will monitor the share price reactions near the current level for now.