U.S stock futures trading upward, led by NVDA

U.S stock market continues the bullish movement this week as NVDA continues building the upward movement. There is no change to the bullish trend and traders will continue to expect a new higher high printed this year. If the stock market starts a bearish correction then it is a chance for traders to add more long positions at a lower level.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index looks moving upside toward the daily SMA 100 and might consolidate near it. The index situation is neutral for now and traders will wait for further reactions near the averages. As the other major indices trading upward, we think it is only a matter of time before the DJIA index will continue the bullish trend. However, if the index turns lower and prints a new lower swing low on the chart then the trend might turn bearish.

Kellanova (K)

K share prices have broken above the horizontal resistance around $58.00 and currently undergo a bearish correction near it. The share prices have bounced from the daily SMA 100 and might resume the bullish trend. Traders could enter long positions with stop orders below the daily SMA 200 or the previous swing low. On the upside, we think the share prices could continue the bullish movement and print a new higher swing high.