Stock futures slightly lower ahead of job report

The stock market might open lower today as traders await the release of Non-farm employment data. Analysts expect a 170,000 job growth reported last month. If the report shows a higher number then we might see further weakening in the stock market. At the current time, traders will continue apply buy on weakness stance while continue expecting the stock market to continue the bullish trend.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index hanging near the recent high and there is slight weakness. However, no major bearish pullback has happened yet and the index might continue moving upward without any pullback. Traders will wait for a bearish correction to happen for a chance to add long positions at a lower level. It is better to avoid shorting the index as the overall trend is bullish. If a bearish pullback happens then it might target the level around 36,000.

Home Depot (HD)

HD share prices made a bearish pullback and soon will reach the previous swing high. The share prices might react near the previous swing high or continue lower to test the daily SMA 50 & 100. Trades will use the current bearish correction as a chance to enter long positions. When there is bullish reactions, traders could add long positions targeting a new higher swing high.