Stock futures gain as major indices snap losing streak
DJIA futures are up 67 points at the current time, indicating follow-up bullish movement after the previous day’s bullish reversal. Traders and investors seem snaping opportunities to collect battered stock as the fear of faster interest-rate increase recede. Despite the situation, traders will continue to stay vigilant for possible reversal.
Today CPI data might give clues on the inflation development and how the Fed will react in the future.
Dow Jones Industrial Average (INDU)
DJIA index tested the daily SMA 50 and bounced from it. The index is set to continue the bullish movement from the averages and target a new record high. However, if the index makes a bearish reversal and closes below the trendline then a deeper bearish correction toward daily SMA 200 might happen.
Yum Brands Inc (YUM)
YUM share prices are in a bearish correction phase as it reach the daily SMA 50. We have a bullish trendline below the current level, also the daily SMA 200. Traders will prepare near the averages and trendline for a chance to enter long positions when there is a bullish reaction formed. At the current time, it is better to wait and see as the bearish pressure still has moderate momentum.