Stock futures gain after yesterday’s bearish close

Traders seem to flock to the U.S as conflict brewing between Russia and Ukraine. The latest news said that two major cities are under siege. Today, the Fed Jerome Powell will present to congress testimony. On Friday, traders will observe U.S job data. Both events might provide clues on the Fed decision for interest-rate this month.

At the current time, oil prices continue its gain above $100.00 handles and might provide pressure to the Fed plan for interest-rate this year. We think the stock market will continue under pressure, influenced by the war situation and rising inflation this year.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index settled lower yesterday and return to bearish movement. The index could continue upward to test the upper trendline or continue further lower. Traders will wait for a retest on the upper trendline for a chance to enter short positions or move out of long positions for now.

Kraft Heinz Co (KHC)

KHC share prices broke above the daily SMA 200 and printed a higher swing high. We could be in a transition period where the trend changes from bearish to bullish. If the share prices could maintain the position above the daily SMA 200 then a bounce might happen and the trend could start becoming more bullish.