U.S stock futures positive after key inflation data

The key inflation data recorded an increase of 3.4% YoY which is in line with expectation. Although it is the highest gain since 1990, traders and investors seem to show little reaction to the news and keep assuming that the current rising inflation is temporary as commented by the Fed.

U.S stock futures currently trading higher and might close the day on a positive note. However, traders’ attention will return on next week’s job data again.

Asian & European Stock market

The Asian stock market mostly higher. Japan Stock market up 190.95 points (+0.66%) to 29,066.18, China stock market up 40.91 points (+1.15%) to 3,607.56 and Australia ASX 200 up 32.70 points (+0.45%) to 7,308.00. The European stock market mixed. DAX Germany down 0.10%, UK FTSE up 0.36%, and Euro STOXX600 up 0.02%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index printed a bullish close near the daily SMA 50 yesterday and the index futures currently up more than 100 points. If the index could continue adding bullish pressure and breakout above the averages this week then there is a chance for bullish continuation next week. At the current time, the index range span between the daily SMA 50 & 100.

Colgate Palmolive Co (CL)

CL share prices have made bearish corrections and reach the daily SMA 200. There was a bearish close below the averages but yesterday it secured back a close above it. If CL share prices could stall the bearish pressure and bounce from the daily SMA 200 then it could target daily SMA 50 and the top trendline.