U.S stock futures flat before job data

Today the main focus of the market is the release of Non-farm employment. Which is expected to miss the consensus after yesterday ADP data. At the current time, the market situation looks flat, with major indices trading not far from the opening level. Despite the situation, we could see major indices continue climbing before the data. Lower than expected numbers could boost the market as traders will bet on a rate-cut.

Dow Jones Industrial Average (INDU)

DJIA index moving extending the bullish movement and no bearish sign yet. As the other two major indices has reached new record high, there is chance that DJIA index reach new record high before significant bearish correction. If a bearish correction happens, then 44,000 level will become the support level to watch for bounce reaction.

Vale S.A. (VALE)

The share prices broke out above the daily SMA 200 the first time, which might become an indication of bullish trend. Breakout happened with strong volume which suggest valid breakout. It might continue upward to reach the $11.25 level, where a bearish correction could happen. Currently, if there is bearish correction toward the daily SMA 200, traders could use it as a chance to add long positions.

However, if the share prices breakout below daily SMA 200 with strong volume again, then we might have a fake breakout. Stop order could be placed below $9