Stock futures looking to extend gain after strong weekly performance

The stock market futures are trading on the bullish side today. It seems the market shrugging the bearish sentiment after stronger-than-expected job data. Traders will maintain bullish sentiment for now and continue to ride the upward movement until a major bearish reversal happen. We might see a rally in the first quarter of 2023 but a bearish movement might happen when first-quarter earnings results swarms the market. Under the current situation, traders could start locking on profit or aim to enter the market at a lower level.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index breakout from the consolidation range near the daily SMA 200 and the trendline. It seems the bullish trend is confirmed and we might see further upside in the index. However, if the index reverses the upward pressure and closes below the daily SMA 200 or the trendline, traders will prepare for a bearish continuation. At the current time, traders will ride the upward movement and wait for a new higher high to confirm a bullish continuation.

Marathon Oil Corporation (MRO)

MRO share prices are under bearish pressure and fall toward the daily SMA 200. At the current time, there is a bullish reaction from the averages which brings the share prices higher. On the upside, the daily SMA 100 always prevent further upside in the share prices. Traders will continue to monitor the share price movement between both daily SMA 100 & 200. A breakout and close outside of the range might confirm the next direction.