U.S stock futures flat after failed bullish attempt

Yesterday, the DJIA index closed lower by 491.27 points as the market reacted bearishly against the consumer confidence data. Rising prices and rising inflation dampen the optimism of the market. There are speeches from ECB, BOE, and the Fed today. Traders will observe the central banks’ comments to get a picture of the next policies to battle inflation.

Nevertheless, it is the time to stay out of long positions until the bearish pressure recedes. Traders could also use the moment to collect stocks at a cheaper price.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made a major bearish close yesterday after the index attempted bullish movement. The bearish close is located at the daily low which means it has strong momentum. Traders will expect a continuation of the bearish movement in today’s trading session. A breakout with strong bearish momentum will confirm another attempt to print a new lower low.

Dollar General Corp (DG)

DG share prices have escaped the bearish trend by launching upward and trading above the daily SMA 200. However, the global market situation is bearish and it might influence the share price movement. At the current time, DG share prices looks will trade lower. We might see some reaction near the $240.00 level. If the price continues lower then we might see a test on the daily SMA 200.