U.S stock futures slightly lower, prompting a bearish correction

DJIA futures are lower 94 points today, suggesting a bearish resumption of yesterday’s bearish close. The stock market’s overall situation is bullish for the long term and a bearish correction is a chance for traders to add more long positions. It is better to avoid shorting the market right now as each bearish movement might be bought immediately and the market might keep printing new record high for now.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index printed a bearish close yesterday and indicated a bearish correction to test the recently broken swing high. Traders will wait near the swing high for bullish reactions. When the index could maintain the positions and bounce from the broken level then the bullish trend will immediately continue. Traders will maintain a bullish outlook as an interest-rate cut is looming.

Advanced Micro Devices Inc (AMD)

AMD share prices undergo bearish pressure after the recent bounce. The bearish movement is testing the daily SMA 200 and traders will wait for reactions. If the share prices could bounce upward with strong bullish pressure then we might see a bullish continuation. However, if the share prices break lower and print a new lower swing low then the bearish trend could continue.