U.S stock futures under pressure as oil prices spike

The conflict between Russia – Ukraine continue to escalate and bring more sanction to Russia. The current oil supply disrupted and bring crude oil prices to spike toward the $130.00 handle. It is not far from the all-time high and is expected to continue climbing as conflict is unresolved. More sanctions are planned toward Russia and traders could expect more volatility in the commodity prices which put stocks indices down.

DJIA futures are currently down more than 400 points and might continue to add to the loss before the opening bell.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA currently undergo bullish correction with daily SMA 200 and the upper trendline as the target. No suggestion to become bullish in the stock market as the index trade below the daily SMA 200. Traders will observe the index reaction near the top trendline and daily SMA 200. If the index could break above both levels then there is a chance to overturn the current bearish trend.

Abbot Laboratories Com (ABT)

ABT’s share price broke below the daily SMA 200 and enter the bearish territory. The share prices bounced from the bottom trendline and might move upward to retest the daily averages also the upper trendline. If the share prices get rejected from both levels then traders could expect a bearish continuation to target a new lower low.