Stock futures trading bullishly as treasury rates decline

The stock market is set to open higher today as DJIA futures are currently up more than 200 points. The bullish situation is influenced by the falling treasury rates which project fewer odds for a more interest-rate hike by the Fed. Traders will focus on earnings releases which could influence the market. We might see some upward leg in the stock market when the earnings season kick-in. However, traders will stay cautious of possible pullbacks.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is trading near the daily SMA 200 and might continue consolidating near it. The index might be supported and stick near the averages as earnings season looms. If the index starts moving upward then the top trendline will become the upward target. However, if the index starts moving lower again and prints a new lower low then the 30,500 – 31,250 area will become a bearish target.

Pinterest Inc (PINS)

PINS share prices are moving inside a bullish channel and currently, undergo bearish movement after the top-of-channel test. Traders could wait near the bottom of the channel or cluster of averages for the chance to enter long positions. As long as there is no breakout from the channel, traders could continue to maintain a bullish outlook.