Stock futures gaining at the last trading day of February

The stock market made a bullish attempt yesterday but settled not far from the opening level. It seems the inflation and interest-rate situation continue to pressure the market. At the current time, DJIA futures are trading higher than 100 points. Traders will continue to stay cautious and ready for sudden bearish attempts in the market. Each bearish attempt might be a chance to enter long positions at a lower level.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is trading between the 32,500 – 33,250 area and might continue consolidating inside it. The index needs to bounce from the daily SMA 200 to resume the bullish trend to retest the top trendline. If the index moves lower again and prints a new lower low then the bearish trend will continue. No strong clue yet on the index’s next direction, traders will continue waiting for further confirmation.

Broadcom Inc (AVGO)

AVGO share prices are clearly in a bullish trend and currently undergo a bearish correction. The bearish correction reached the daily SMA 50 and show an initial bounce reaction. If the share prices could bounce from the level then there is a chance of bullish continuation. On the other hand, further weakness might open the path lower toward the daily SMA 200.