Stock futures little changed before the Fed Jerome Powell speech

U.S stock futures look trading slightly bullish before the opening bell but not far from the opening level. Traders mostly will wait for the Jerome Powell speech to get a clue on the Fed’s upcoming policies. If the Fed continue to maintain their rate-hike outlook then the market could turn bearish. However, if the Fed turns cautious and think there will be no more rate-hike this year then the market will surge upward.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index’s upward movement stopped near the upper trendline and currently, the index consolidates between the trendline and the daily SMA 50. A breakout might happen soon and traders will get confirmation on the next direction of the index. If the index trade lowers then it might target the daily SMA 200. On the other hand, a breakout above the trendline will confirm a new bullish leg.

Chevron Corporation (CVX)

CVX share prices undergo bearish pressure after the earnings miss. The share prices soon will reach the daily SMA 200 where a bounce reaction might happen. When the share prices formed bullish reactions then traders could consider entering long positions. On the other hand, if sideway movement happens near the level then there is a chance of a bearish breakout and continuation below the averages.