Stock futures pointed upward ahead of a busy week

The stock futures currently gaining at the beginning of week, continuing the upward bullish movement that happened last week. It seems the current bullish movement is a corrective movement as traders secure positions before the Fed FOMC meeting this week. Aside from the meeting, major companies set to report earnings results.

The next medium-long term outlook will depend on the Fed announcement and how companies perform in the reports this week.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index trading upward and will target the daily SMA 100 where it might get rejected and resume the bearish movement. However, the bearish scenario will be canceled when the index climbs further upward and print a new higher high. On the lower side, we have an area between 30,500 – 31,500 where the index might get support and bounce.

Qualcomm Inc (QCOM)

QCOM share prices have broken the bearish channel and turned bullish. The share prices made a recovery toward the daily SMA 200 then close above it. Currently, QCOM will test the averages and attempt to stick near it. If the share prices get rejected then we might see the continuation of the bearish trend.

However, the bearish movement might be limited at the 140.00 – 145.00 area.