U.S stock market slightly higher before opening bell

The Fed decided to raise interest-rate and announce more rate-hike. However, the market seems to disregard the Fed and think that the inflation number will continue moving down and there might not be much room for the Fed to increase the interest rate. The U.S. stock market might continue moving upward in bullish sentiment following the release of earnings results from companies. Traders might want to wait for a bearish correction for a chance to enter long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is currently trading near the top trendline and continues to maintain its position near it. The overall situation is bullish but without a breakout and close above the trendline, there is no confirmation yet to enter more long positions. If the index starts trading lower again then traders will wait near the cluster of averages for a chance to enter long positions in stocks. If the index breakout below the daily SMA 200 and closes below 32,500 then the trend could turn bearish again.

Adobe Inc (ADBE)

ADBE share prices made a breakout above the daily SMA 200 for the first time which means the trend might have turned bullish. When a retest on the averages happens then traders could enter long positions with a stop below it. On the lower side, the daily SMA 100 could become another level for traders to enter long positions.