Stock futures slightly lower after new record high

The U.S. stock market might open near the opening level with slight bearish pressure today. Last week, major indices managed to climb and print new record highs as earnings releases continue to be strong. This week, traders will expect more upside in the stock market but stay open for a bearish pullback. When a bearish pullback happen, traders could continue add long positions at a lower level.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index printed a new record high and currently trading near the top trendline. The index might continue the bullish movement as earnings releases continue to outperform analysts’ expectations. Traders could continue to hold long positions while waiting for a pullback to enter more long positions. No change to the outlook, as the index is in a bullish trend.

Clorox Co Com (CLX)

CLX share prices broke through the daily SMA 200 and currently trading above the averages. It might start a bearish correction to test the broken resistance level. Traders will wait for the share prices near the breakout level and the gap close level for a chance to enter long positions. At the current time, traders will assume the share prices will continue the bullish movement above the daily SMA 200.

Kinross Gold Corp (KGC)

KGC share prices are at an interesting level to watch below the daily SMA 200. In the previous bearish attempt, the share prices pushed lower below the daily SMA 200 but managed to recover and start a new bullish leg. The current situation is similar to the previous event where the share prices fell below the daily SMA 200. Moreover, there is a bullish trendline which provides support for the share prices. If the share prices could bounce upward and return above the daily SMA 200 then traders will expect a new bullish leg targeting a new higher high.