U.S stock futures slightly lower ahead of PMI data release

Another inflation gauge number will be released today. Traders seem weighing the event and it put slight pressure on the stock market. At the current time, traders and investors are awaiting further lowering in the inflation numbers which will push the Fed to cut interest rates. Traders will continue use each bearish turn in the stock market as chance to enter more long positions at a lower level this year.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues hanging near the top and will attempt to extend the bullish movement. Traders are positioning toward the Fed rate cut which will help bolster the stock market for now. However, because of the continuous bullish situation, we might see a “Sell the news” event after the Fed announcement. Nevertheless, if a bearish correction happens in the stock market then it is a chance for traders to add long positions at a lower level.

MGM Resorts International (MGM)

MGM share prices have returned above the daily SMA 200 and currently taking a bearish retracement to retest the level. If the share prices could continue to maintain the positions above the averages and bounce from it then traders could expect a continuation of the bullish trend. Meanwhile, a bearish movement below the averages and a new lower swing low will cancel the bullish outlook and bring the share prices back into a bearish trend below the daily SMA 200.