Stock futures pullback before job data

DJIA futures are currently lower by 154 points before the release of U.S job data today. It seems the market expects weak numbers after Thursday’s weak ADP numbers. Despite the current bearish situation, we might see a surprise movement in the market. However, traders will wait until the closing of the day to confirm the real direction.

The bearish situation of the market might continue until the end of the year as no improvement yet against rising inflation.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index bullish correction might extend toward the daily SMA 50. The index managed to print a bullish close yesterday. If the index reaches the daily SMA 50, 100, or 200 then traders will monitor the reaction. A major bearish reaction from the averages could become bearish continuation confirmation.

Spotify Technology S.A (SPOT)

SPOT share prices is in a bearish trend. There is a bullish correction in progress and almost reach the daily SMA 50 and also the horizontal line. If the share price shows bearish rejection from both resistance levels then traders could enter short positions. On the other hand, a bullish breakout could extend the current bullish correction toward the daily SMA 100 & the $160.00 level.