Stock futures slightly lower as the market observe Russia – Ukraine talk

DJIA futures pointed lower 184 points before the market opened which might suggests the end of the relief rally. At the current time, the market focuses mostly on the talk between Russia – Ukraine. Aside from that, President Joe Biden set to talk with China’s Xi Jinping to discuss Russia – Ukraine conflict.

Traders will observe the Fed movement and inflation situation. Today, the Fed Christopher Waller told the market that the Fed might need one 50 point rate-hike to combat inflation.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index upward movement almost reaches the top trendline and the daily SMA 200. The bullish movement could continue and traders will observe the reaction at the resistance level. If the index gets reverse its direction with strong bearish momentum then traders could prepare for bearish continuation to target the bottom trendline.

Automatic Data Processing (ADP)

ADP share prices failed to maintain a position above the daily SMA 200. It moved lower and tested the horizontal level on the chart. A bounce brought the share prices up to test the daily SMA 200. If ADP gets rejected from the averages with strong bearish momentum then traders will expect bearish continuation to retest the bottom horizontal level.