Stock futures are under pressure but off the low

The stock market set to open lower today as the futures pointed lower. However, the index is off from the low after a strong earnings report by Walmart. At the current time, DJIA futures are lower by more than 100 points. Traders will observe the development of the situation in Russia – Ukraine. If the tension continues to increase then we might see further weakness in the coming days or weeks.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index currently sticks near the daily SMA 200 and might continue to consolidate near the level for now. Traders will continue waiting for a further reaction from the daily SMA 200. If the index gets rejected and prints another lower swing low then the trend will continue to bearish. On the other hand, a close above the daily SMA 50 will confirm starting a new bullish rally.

First Solar Inc (FSLR)

FSLR share prices trading downward since the $123.13 high. There is no bullish reaction for more than 3 months. At the current time, the share prices have reached the weekly SMA 200 where a bounce might happen. Traders will observe the current situation and wait for a bullish candlestick close to entering long positions.