Stock futures were neutral before the Fed Jerome Powell speech

The stock market might trade at a neutral pace as the market awaits the Fed Jerome Powell speech. The overall market direction might be determined after the speech. We expect more bearish pressure on the market at least until April. Traders will use the current moment to enter long positions at a lower level. A new bullish trend is not far and it is better to keep accumulating this year. The next bullish leg might be signaled by high growth followed by high interest-rate and stable inflation.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues the upward movement and will attempt to extend the current bullish movement toward the top trendline. The index consolidation will continue between the daily SMA 200 and the top trendline. Traders will wait for a breakout from the range to confirm the next direction. We expect the index to make a major movement in April after the release of earnings results from companies.

Vertex Pharmaceutical Com (VRTX)

VRTX share price bearish correction has reached the daily SMA 200 and the price is consolidating near it. If the share prices could continue to maintain the position and bounce up from the averages then traders could expect a bullish attempt to breakout above the daily SMA 50 & 100. Meanwhile, a consolidation might happen between the daily SMA 100 & 200. Traders could use the bottom of the range to enter long positions with stops below the previous swing low.