Stock futures steady near the top

The U.S. stock market continues to set new record highs following the release of stronger-than-expected earnings results. Traders and investors seem shrugging the recent inflation reports and assuming that growth will outperform the rising inflation. No change to the bullish situation, traders will continue to ride the bullish wave and wait for a bearish correction to enter more long positions for now.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made a bearish close yesterday which could become a sign of a bearish correction. Nevertheless, the trend of the index is bullish and bearish correction is welcomed by traders as it provides a chance to enter more long positions at a lower level. Despite the bearish close, the index might just continue to move upside and print a new record high without a bearish correction. Traders better avoid short positions for now as the trend is bullish.

Abbott Laboratories (ABT)

ABT share prices have printed a new higher swing high and might start a bearish correction. Traders could wait near the breakout points for a chance to enter long positions. The level around $115.00 is the place to wait for bullish reactions and a chance to enter long positions. We think the bullish trend will continue but, a new lower low below $110.00 will cancel the bullish outlook.