Stock market set to bounce after yearly low
DJIA futures are up nearly 1% today after the previous day’s bearish dip. The upward movement might be a bullish corrective movement before further weakness. Traders will stay cautious when taking long positions in stocks and stay on the sideline for now. The Fed members will give speeches today before tomorrow’s CPI data.
If CPI data continue to increase again then the bearish movement in the stock market will continue.
Dow Jones Industrial Average (INDU)
DJIA index printed a lower low on the chart as the index fell with strong bearish pressure. There is no sign of a bullish reversal yet which means the bearish movement expected to continue. At the current time, DJIA futures are pointing upward 239 points which suggest a relief rally. Traders will continue to stick to the bearish scenario and treat each bullish movement as a corrective movement before further weakness.
Box Inc (BOX)
BOX share prices started a bearish correction after the $33.04 top. The share prices have reached the daily SMA 50 and there is no reaction yet. If the bearish movement continues then traders will expect a bearish continuation toward the daily SMA 100 & 200. On the lower side, $26.25 – $28.00 might become a major support area to watch for a bounce.