U.S stock futures slightly higher ahead of inflation data

Last week’s job data put a breather to the stock market as the number was weaker than expected. Traders now will focus on the release of inflation data this week which could influence the next interest-rate decision this month. We might see the stock market trading sideway while waiting for more confirmation from data releases. If the inflation persists then we might see a little bit of bearish pressure. Whenever a bearish movement happens, traders could use the chance to add more long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index showed a bounce reaction in yesterday’s trading session. The index might attempt to continue the upward movement and start a new bullish leg to print a new higher high. However, if the index continues the bearish movement and close below the trendline then it might resume the consolidation between the trendline and the daily SMA 200. Traders will monitor closely the index reaction near the current level.

Marvell Technology (MRVL)

MRVL share prices gapped up after the earnings release and currently trading sideways. The share prices might move down to close the earnings gap where traders could use the chance to enter long positions. Shorting might be another route, traders could take. However, it might not be the safer choice as the share prices could just continue the bullish movement.