U.S stock futures are slightly lower today

The stock market situation seems to turn slightly bearish today as traders awaiting inflation data on Friday. Traders will wait for the market reactions after the data releases and it is better to stay sideline for now. If inflation numbers continue moving lower then it is good for the bull. However, if the inflation number continues to increase then we will see a major bearish movement in the stock market.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index bounced from the daily SMA 100 and seemed ready to extend the bullish movement to target a new higher swing high. Traders will continue to maintain a bullish outlook for now as long as the index continues printing new higher highs and higher lows. However, if a bearish breakout happens and the index falls below 38,000 then it will attempt to move toward the daily SMA 200.

Dominion Energy Inc (D)

D share prices managed to print a new higher swing high and undergo a bearish correction. It trades near the daily SMA 100 and the previously broken swing high. If the share prices could bounce upward with strong bullish momentum then the bullish trend could continue. On the other hand, if a bearish breakout happens and the share prices continue lower below the daily SMA 200 then the trend might turn bearish.