U.S. stock futures neutral ahead of earnings and inflation data

Yesterday CPI data release spook the market initially as inflation came hotter than expected. However, the stock market made recovery and recover part of the loess. Today, traders will focus on earnings releases and PPI data release. Higher than expected inflation readings are expected, and anything lower is bullish for the stock market.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index turned upward again and might extend the bullish movement to target new record high. However, if bearish correction happen, then the index might target the daily SMA 100 as nearest support level. The long-term trend is bullish, which mean traders will make use of each bearish correction as a chance to add more long positions.

Rivian Automotive (RIVN)

RIVN share prices looks trading inside a triangle pattern now and the share prices near the daily SMA 200. Traders could use the averages to enter long positions targeting the top of the triangle pattern. If bearish breakout happen, then traders could wait near the bottom of the triangle pattern to add even more long positions.