Stock futures surge after bearish week

The index futures are trading upward today in anticipation of a bounce after the previous week’s slaughter. Despite the situation, traders and investors will stay cautious as inflation numbers have not shown any decreasing trend yet. The current bullish movement might be a movement before further dump in the stock market.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index futures are currently higher by 503 points which indicates a bullish opening. Traders will treat the bullish movement as a correction movement. On the upside, 30,000 – 31,000 will become the area to watch for a bearish reversal. If the index gets rejected with strong bearish momentum then we might see a bearish continuation to target a new lower low.

Target Corp Com (TGT)

TGT share prices bearish pressure has not receded. The share prices continue moving lower and reached the monthly SMA 50. It might continue the downward movement toward the 61.8% and 78.6% Fibonacci Retracement. Traders will observe the share price movement near the $100.00 handle and both the Fibonacci Retracement levels.

If the share prices could reverse the bearish pressure then there is a chance to enter long positions.