U.S. stock market futures under pressure after strong job report

The strong job report might hinder the bullish movement of the U.S. stock market as it gives a reason for the Fed to delay the interest-rate cut. U.S. non-farm employment come out at a 353k job increase compared to a 175k increase expectation. Under the current situation, a pullback in the stock market might be imminent and traders could wait near support levels for a chance to add long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index bearish pressure subsided and the index continued trading upward again yesterday. It seems a bearish correction might not happen yet and the index could continue upward to print a new higher high. Traders will continue awaiting for actual bearish correction toward the support level for a chance to enter more long positions in stocks. Shorting is not suggested as the trend is bullish and we might be not far from the Fed rate cut.

Marvell Technology Inc (MRVL)

MRVL share prices have printed a new higher swing high and currently undergo a bearish correction. The share prices soon will test the previously broken resistance level. If the share prices continue the downward movement then traders could wait near the trendline or cluster of averages for a chance to enter more long positions. On the upside, we think the share prices could continue trading upward and print more higher high.