Stock futures continue dipping after a major bearish drop yesterday

DJIA futures currently trading down more than 300 points and showing further weakness. The conflict between Russia – Ukraine continues to brew and there is no resolution yet. Under the current situation, traders are fleeing from risk assets and entering safe-haven assets. It is better to stay sideline for now and watch the war development and economic data releases to gauge the market sentiment.

Technical Analysis

Dow Jones Industrial Average (INDU)

The bullish bounce from the bottom trendline seems short-lived and the DJIA index starts moving lower again. A retest on the trendline soon will happen and we might see a bearish breakout below it. Despite the bearish situation, a bullish correction is also imminent. Traders will wait for a bullish correction toward a resistance level and enter short positions near it.

Prudential Financial Inc (PRU)

PRU share prices look under pressure below the daily SMA 200. It printed a lower low which might indicate bearish continuation confirmation. At the current time, the share prices could continue the bearish movement or start a bullish correction toward the daily SMA 200. Traders could observe the reaction near the daily SMA 200. If a major bearish reaction formed then traders could enter short positions.