U.S stock futures are slightly higher as banking sectors rebound

The banking sector rout happened last week and sent the U.S. stock indices lower. However, this week the bearish pressure seems receding and the stock market might start moving upward. Traders will await more inflation data this week. If the inflation number continues to show decreasing trend then the stock market could continue the bullish movement. However, if the inflation number continue to persist while the Fed could not raise interest-rate then it could send the stock market lower.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index mostly consolidates between the daily SMA 200 and the top trendline. There is no confirmation yet on where the index will move next. Traders will continue waiting for the index to make a breakout and close outside of the consolidation range. The index might come lower in May to test support level and traders could use the chance to enter long positions.

Adobe Inc (ADBE)

ADBE share prices currently moving inside the triangle range and testing the bottom of the triangle. We might see a bounce from the bottom to target the top of the triangle. Traders will use the bottom of the triangle to enter more long positions while waiting for a breakout. The next higher high or lower low might confirm the share prices’ next direction.