Stock futures were under pressure at the beginning of the week, traders’ eyes on earnings results and Powell’s speech

The stock market is set to trade lower this week as traders weigh on the possibility of longer periods of high interest-rate and economic recession. This week, traders will focus on earnings releases which will give hints on the company’s performance and outlook for the next quarters. Aside from earnings, traders also will focus on Jerome Powell’s speech on Tuesday.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index currently trading near the resistance trendline and might start another bearish movement from it. The index futures are currently down more than 200 points. Traders will observe the index near the 32,500 – 33,250 area again. If the index could continue maintain the position above the area then the consolidation between the area and the top trendline will continue.

TJX Com Inc (TJX)

TJX share prices seem to have printed a double top pattern as there is no higher high printed. If the share prices move lower and print a lower low then there is a chance of bearish correction to target the daily SMA 100 and the 50% Fibonacci Retracement level. Traders might want to observe the share price reactions near the target levels. If there are major bullish reactions then traders could enter long positions