Stock futures were slightly higher before the FOMC minutes of the meeting

Yesterday has been one of the worse days for the U.S. stock market as major indices closed lower in anticipation of a bounce in inflation numbers. Today’s release of the FOMC minutes of the meeting could bring more bearish sentiment to the market and traders might want to observe the results. If the Fed decides to maintain its view on tight interest-rate then we might see further weakness in the market.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index fell with strong bearish momentum below the daily SMA 50. The index might continue the bearish movement to test the daily SMA 100 & 200. As long as there is no close below the daily SMA 200 or a new lower low printed on the chart then there is a chance of a bullish reversal and continuation above the resistance trendline.

Snowflake Inc Com (SNOW)

SNOW share prices have broken above the daily SMA 200 and currently consolidating near it. The share prices will attempt to build a floor above the averages and resume the bullish leg. Traders could use the moment to accumulate long positions with tight stops below the averages.