DJIA target 22,000

Dow Jones Industrial Averages futures up 38 points before market open which indicate more bullish momentum at the open of market expected. The index is getting near to 22,000 marks after Friday close at 21,830. Traders could expect the index to touch the psychological level soon.

Monday trading session might become dull and turnout sideway as there are no major news releases. However, the market might prepare for the earnings report from AAPL, BP, and PFE which should create volatility. Also, there is July job report on Friday to watch.

Earnings & Corporate report

Loews Corp. (NYSE: L), CNA Financial Corporation (NYSE: CNA), Sanofi (NYSE: SNY) and Sohu Inc (NASDAQ: SOHU) among the major company to report earnings before the market open.

Other market

Asian stock market closed notably higher today with only Nikkei lag behind. Nikkei down 34.66 points (-0.17%) to 19,925.18, Shang Hai Composite up 20.89 points (+0.64%) to 3,274.13 and Australian ASX 200 up 17.77 points (+0.31%) to 5,720.59.

European stock market, on the other hand, advance comfortably with DAX up 0.17%, FTSE UK up 0.35%, and Euro STOXX 600 up 0.28%.

Crude oil advance to $50 but experience correction, currently traded at $49.52. Most major pairs stable against U.S dollar which rebound in Asian & European trading session.

Technical Analysis

Dow Jones Industrial Averages (INDU)

Further upside is seen on the DJIA chart, futures are positive before market open and hinted a higher open. Traders could expect the index to reach 22,000 soon. There is no major news to watch today which will not change the current sentiment.

Suntrust BKS inc (STI)

STI on the daily chart formed triangle consolidation and the price recently attempt to move higher above it following earnings result. Currently, the price back inside the consolidation and looking for support for bounce higher. Traders could prepare for a long position with a stop below the daily SMA 200. Depend on the situation, and short position could also be considered if the support level was broken.

Other watch lists

UTX – The price touched daily SMA 100 and stalled, there is the possibility of bounce from the averages.

BEN – Sharply lower after the earnings report, the price reached daily SMA 50. Might stall and reverse.

MO – Overreaction on the FDA decision, the share price will look at further volatility and traders could wait until panic selling recede.

PM – Similar to MO, there was sharp selling, but PM manages to turn around and closed higher. The share price might experience further buying.