U.S stock futures jumped after lower-than-expected inflation number

The U.S. stock market is set to open higher today following inflation numbers cool. The release of inflation numbers will put more weight on the Fed to cut interest rates. Despite the situation, traders will wait for the FOMC meeting today which could give mixed signals. If the Fed agrees to cut interest-rate earlier than November then the stock market will continue the bullish movement. Meanwhile, if the Fed decides to further delay the rate-cut then we might see bearish pressure.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index will start the day with a bullish movement as the market reacted to lower-than-expected inflation data. However, the real action of the market will happen after the FOMC meeting today. Traders will observe the reactions after the meeting. If the index could bounce upward from the current level with strong bullish momentum then the bullish trend will continue. On the other hand, if the index starts moving lower and close below the daily SMA 100 then we might see a deeper bearish correction.

Carnival Corp (CCL)

CCL share prices breakout above the bearish trendline recently and currently undergoing a bearish correction. Traders will wait for the retest of the trendline and chance to enter long positions. When the share prices bounce from the trendline with a strong bullish reaction then we will see a continuation of the bullish trend. On the lower side, if the share prices continue moving lower and print a new lower low then the trend will turn bearish.

Canopy Growth Corporation (CGC)

CGC share prices return above the daily SMA 200 which could signal the start of the bullish trend. The share prices might bounce and continue the upward movement to test the bearish trendline. Traders will use the chance to enter long positions near the current level. However, if the share prices continue moving lower and print a new lower low then it will cancel the current bullish outlook.