Stock market set for recovery after consecutive bearish closes
The global market situation shows positive signs today but is mostly recovery-driven after consecutive bearish closes. There is no change to the global market outlook which is bearish for the medium-long term. Traders and investors will continue assessing inflation numbers and companies’ earnings results.
As long as inflation numbers continue to increase and companies show dismal performance then there is no reason to become bullish yet.
Dow Jones Industrial Average (INDU)
DJIA index situation is bearish and soon will reach the 30,000 handles. However, the index futures are currently up 266 points which indicates recovery. No change to the bearish outlook yet, each recovery is a temporary movement before another drop. Traders will wait for the bullish recovery to lose bullish pressure and start entering short positions.
Box Inc (BOX)
BOX share prices continue its bearish correction and get near the daily SMA 200. Traders could use the moment as a chance to enter long positions with a stop below the previous swing low or below $25.00. Wait until a major bullish reaction happens before entering long positions.