Stock futures were slightly higher before Jerome Powell’s Testimony

The stock market is set to open higher today following a slight gain in the stock indices futures. Traders and investors mostly will focus on the Fed Jerome Powell’s testimony these two days. We might see some volatile movement in the stock market as traders also prepare for the release of U.S. job data. Despite any speculation in the market, the interest-rate cut might happen in the second or third quarter. At the current time, it is better to wait for a pullback in the stock market for a chance to enter long positions at a lower level.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index fell with strong bearish momentum yesterday as Apple’s shares weight down the indices. The current bearish movement is a healthy bearish correction and traders could wait near support levels for bullish reactions. When there are bullish reactions near the support levels, traders could add more long positions in stocks.

Coca Cola Co Com (KO)

KLO share prices are trading inside a bullish channel and it is currently testing the bottom of the range. Traders could use the chance to add long positions when there is bullish reactions near the bottom of range. However, if the share prices breakout lower from the range and form a new lower low then the trend will change from bullish to bearish.