U.S stock futures slightly lower after S&P record high

The U.S. stock market is on a bullish streak as S&P500 reached the 5,500 handle. There might be a short-term bearish pullback but traders will continue to avoid shorting major indices for now. If a bearish correction happens then traders could consider entering long positions in stocks when it reach the support level. No change to the bullish outlook for now and each bearish correction is chance for traders to add more long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index extends the bullish movement and managed to print a new high above the previous week’s high. The index seems ready to continue the bullish leg to target a new higher swing high. However, as mentioned before, if the index reverses to the downside and closes below the daily SMA 100 then we might see a deeper bearish correction toward the daily SMA 200 and 36,000 levels.

ATI Inc (ATI)

ATI share prices underwent a significant bearish correction and reached the 50% Fibonacci Retracement level. There was a bounce from the retracement level but it seems the share prices losing upward pressure. If the share prices could extend the upward movement and recover above the 23.6% retracement level, there is a chance of bullish continuation. However, if the share prices continue the bearish movement below the daily SMA 100 then the bearish correction will continue.