Stock futures are nearly flat as the market will focus on the next FOMC meeting

The latest economic data releases showed that inflation numbers might have peaked and we might see the number continue moving lower. However, traders will continue awaiting how the Fed will react toward the number and see any change in the future policy. If the Fed starts to say inflation is under control and no more rate-hike then traders will expect a new rally in the stock market.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index back under bearish pressure and managed to reach the 32,500 – 33,500 area. The index shows a bounce reaction at the end of the week which might trigger a bullish continuation. However, the index failed to print a new higher high in the previous bullish attempt. If the index resumes the bearish movement and prints a new lower low then the trend might change to bearish again.

Lowe’s companies Inc (LOW)

LOW share prices undergo bearish correction toward the daily SMA 200. Traders will expect the share prices to continue moving between the $200.00 – $215.33 levels. Long positions could be taken near the current level with a stop below the previous swing low.