Stock futures are slightly bullish in the morning session

The stock market is attempting to start a bullish leg following yesterday’s bullish close. Traders are hoping the volatility after trouble in banking sectors subsided. We might see the stock market supported by the start of the earnings season. However, the stock market situation will depend on the Fed’s next decision. When the rate-hike stopped or the Fed continues to inflate its balance sheet then it might be time for the stock market to move upward.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index currently trading below the daily SMA 200 but making a bullish attempt. The index will test the daily SMA 200 and the 32,500 – 33,250 area. If there are major bearish reactions and a new lower low then the bearish scenario will continue toward the 30,500 – 31,250 area. On the other hand, further bullish pressure could bring the index back toward the top trendline.

Hess Corporation (HES)

HES share prices fell below the daily SMA 200 which might turn the trend bearish. The share prices currently make a bullish attempt at the daily SMA 200. If it managed to close above the averages and continue moving upward to print a new higher high then the bearish scenario will be canceled. Traders will monitor the share price reactions near the averages and enter short positions when there are major bearish reactions.