U.S stock futures are slightly lower as traders await earnings results

The stock market is set to open lower today as DJIA futures are -75 before the opening bell. Goldman Sachs reported a miss in earnings results. The company reported eps of $3.32 vs. $5.48 expectations. Revenue comes out at $10.59b vs. $10.83b expectations. Aside from Goldman Sachs, traders & investors are awaiting the result from Morgan Stanley. Weak performance could bring more bearish sentiment to the market and set recession fear again.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is on the path upward especially after the inflation numbers continue to move down. If there is no change to the situation then the index might print a new higher high. When a new higher high is printed, traders could wait for a bearish correction toward the horizontal level or SMA where traders could enter long positions in the stock market.

FedEx Corp (FDX)

FDX share prices look trading upward but stay below the daily SMA 200. The share prices soon will close the previous bearish gap too. Traders could expect reactions near the gap close level. It could be a good chance for traders to enter short positions or close part of long positions. If the share prices could extend upward movement above the gap close level then we might see a new bullish trend.