Stock futures flat as traders await job data

The strong ADP number trigger bearish sentiment in the market yesterday. The stock market might continue moving bearishly today depending on the result of job data. Traders will wait for market reactions after the release of the job data. Analysts are thinking that the economy will enter a recession this year and it might limit further upside in the stock market. Nevertheless, if the stock market trade is lower then it is a chance for traders to enter long positions at a lower level.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index maintains the sideway movement before the release of U.S. job data today. Traders will await for breakout and strong momentum movement to confirm the next direction. If the index closes below the daily SMA 200 then the bearish trend will continue. On the other hand, if the index bounces with strong bullish momentum and prints a new higher high then the upward movement will continue.

Western Digital Corp (WDC)

WDC share prices are in a bearish trend. Each bullish movement always gets rejected near the daily SMA 100. The share prices currently moving upward and soon will reach the averages. Traders will continue to use the averages as a place to enter short positions when bearish rejection happens. However, if a strong bullish movement happens above the average then traders better close the positions.