Stock futures were slightly positive before the weekly closing

The U.S stock market trading upward on the last day of the week. No major change in the global market situation. The current upward movement might suddenly turn negative anytime but also could continue upward. Traders might want to stay cautious and monitor the Russia – Ukraine and inflation situation.

If major bearish reversals happen at the current time then traders will expect the stock market to trade bearishly for the short-medium term.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index sticks near the top trendline and reverses the bearish close that happened two days ago. At the current time, the DJIA futures are up 88 points which indicate a bullish opening. If the index continues moving upward then it is set to test the daily SMA 200. We still think a bearish reversal might happen which suggests traders stay cautious.

Sundial Growers Inc (SNDL)

SNDL share prices broke above the daily SMA 200 with strong bullish momentum. The share prices also formed a higher swing high which confirms a possible bullish reversal. If the share prices start a bearish correction then traders could use the daily SMA 200 and the previous swing high to enter long positions.