Stock futures pointed upward as traders focus on debt-ceiling negotiation

Traders and investors mostly focus on the debt-ceiling negotiations which put the market under bearish sentiment. We think the debt-ceiling negotiation will end with officials raising the ceiling. Meanwhile, traders could use the moment to enter long positions when the share prices move lower.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index moved lower after the test on the resistance level and got near the daily SMA 200. Traders will expect the index to continue the consolidation between the daily SMA 200 and the trendline for now. When the index breakout from the range then traders will get confirmation on the next direction.

FeDex Corp (FDX)

FDX share prices are in a bullish trend and it currently undergoes a bearish correction. The bearish correction has reached the daily SMA 50 and waiting for reactions. If the share prices continue moving lower then traders will wait near the daily SMA 100 or the $210.69 level. A bullish reaction from the level could become confirmation for traders to enter long positions.