U.S stock futures “swing” as traders follow the update on debt-ceiling

Progress in the debt-ceiling negotiations is welcomed by the market at early trading hours. However, the market seems making other interpretations right now and pushing the index futures lower before the market opens. If the stock market continues under bearish pressure then it will continue following the “Sell in May and go away” saying. Traders will continue to use the bearish chance as an opportunity to accumulate more long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index starts moving upward again after the test on the daily SMA 50 & 100. Nothing special yet as the index will continue the consolidation between the daily SMA 200 and the trendline. Without any breakout from the range, the index trend is sideways and traders could continue to apply range trading strategies for now.

Draftkings Inc (DKNG)

DKNG share prices look trading upward in a bullish channel. At the current time, the share prices undergo a bearish correction and might reach the bottom of the channel. Traders could use the chance to enter long positions near the bottom of the channel to ride the current bullish trend.