DJIA futures trading lower, indicating a bearish pullback

The stock market is set to open lower today after yesterday’s bearish close. It seems a bearish correction will happen before the release of job data and the Fed’s interest-rate decision. Traders will observe the market reactions before both events. We might see sell-the-news reactions which could provide traders the chance to enter more long positions at lower levels.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index hanging near the high and printed a new higher high yesterday. While it managed to print a new higher high, it also made a bearish close. It seems a bearish correction might happen to test the level around 35,500. Traders will wait near the level for bullish reactions and confirmation of bullish continuation.

Target Corp (TGT)

TGT share prices traded upward and reached the daily SMA 200. At the current time, the share prices might continue trading near the averages while waiting for further directions. If the share prices get rejected then a bearish movement might happen with $125.00 as a target. If the share prices could break out above the daily SMA 200 and print a new higher high then the bullish trend could continue.