Stock futures creep higher nearing inflation data release

The stock market futures trading upward in today trading session before the opening bell. However, the upward movement seems minimum and we might see sideways trading before the release of inflation data this week. Traders might want to stay cautious ahead of the inflation data. Hotter than expected inflation is bearish for the stock market while a lower number will help the stock market to bounce upward.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index currently trading between the daily averages and is expected to maintain the ranging movement until this week’s inflation data release. Where will the index move next? It will depend on the result of inflation data. If the index continues lower and prints a lower swing low then traders will prepare for a medium-long term bearish trend.

On the upside, another bullish attempt might target a new record high.

Lucid Group Inc (LCID)

LCID share prices pushed lower and currently trading near the daily SMA 200. There is no major bullish reaction yet and traders will wait for a further reaction for now. Traders could use the current level for long positions entry with a tight stop. On the upside, the level around $25.00 is the nearest resistance level.