U.S stock futures traded positively, boosted by energy sectors

The stock market is set to open higher today as DJIA futures up 40 points. The bullish sentiment builds on positive sentiment on oil price gain after the previous day’s decline. Today, there is the release of the FOMC minutes of the meeting. Traders will get more clues on the direction of the Fed policies from the minutes.

The Fed might downplay the inflation risk and stay cautious of the economy while letting the current loose policies continue.

Asian & European Stock market

The Asian stock market mixed. Japan Stock market down 276.26 points (-0.96%) to 28,366.95, China stock market up 23.46 points (+0.66%) to 3,553.72 and Australia ASX 200 up 65.10 points (+0.90%) to 7,326.90. The European stock market mostly higher. DAX Germany up 0.83%, UK FTSE up 0.50%, Euro STOXX 600 up 0.52%

Technical Analysis

Dow Jones Industrial Average (INDU)

There was a bearish pressure yesterday as traders return from holiday. DJIA index pushed lower and tested the daily SMA 50. A bounce happened before the index could touch the averages. No change to the current bullish outlook of the index which is expected to target a new record high.

The same analysis as previous analysis, traders will continue to maintain bullish bias as long as there is no major bearish reaction.

Genpact Limited (G)

G share prices are trading inside a bullish channel as shown on the daily chart. The share prices currently trading near the bottom of the channel and might provide traders with the chance to enter long positions. As long as the channel level is maintained, traders could hold long positions.

Pioneer Natural Resources Co (PXD)

PXD share prices forming an ascending triangle pattern and soon will get to the end of the pattern. Traders could accumulate long positions near the bottom of the triangle while waiting for a breakout. If a bearish breakout happens instead then traders could use daily SMA 100 as a place for a stop order.