Stock futures trading upward after an initial dip

The stock market is set to open higher today as DJIA futures trade up 121 points. The current upward movement comes after the index futures initially dip nearly 100 points. Next week, the Fed will meet to decide interest-rate and provide future guidance. Traders and investors seem pricing in four 0.25% rate increases this year.

We might see the index continue trading cautiously with bearish pressure receding ahead of the meeting.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index closed lower near the daily SMA 200. The index will test the averages and decide on the next direction. Will the index bounce from the averages? Alternatively, will it breakout lower to confirm a shift to a bearish trend? Traders will monitor closely the index reaction at the daily SMA 200 for now.

Apple Inc (AAPL)

AAPL share prices are in a long-term bullish trend as shown on the weekly chart. At the current time, it seems the share price will undergo a bearish correction. Traders could make use of the moment to enter long positions near support levels. The level around $150.00 or the weekly SMA 50 could become a good level to enter long positions.