Stock futures are slightly higher after yesterday’s bullish close

The bullish pressure of the stock market might continue today after yesterday’s bullish close. However, traders will stay cautious and await the release of CPI data this week which could influence the market. If the CPI number continues to move lower then we might see more bullish sentiment in the market. On the other hand, if the CPI number creeps upward then the Fed will have more reason to keep its interest rate hike policy.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index avoided further weakness in yesterday’s trading session. The index made a bullish close inside the bearish candlestick range and will attempt to extend the upward movement today. If the index could move upward and surpass the bearish candlestick high then the bullish trend is set to continue. On the other hand, if the index reverses the movement and starts moving lower to close below the daily SMA 200 then the bearish trend will continue.

Coca Cola Co Com (KO)

KO share prices have surpassed the daily SMA 200 and continue the upward movement. Although there is no higher swing high printed yet, it seems the current upward movement could continue. At the current time, the share prices are moving lower to test the daily SMA 200. If KO could bounce from the averages then traders could add more long positions targeting a new higher high.