U.S stock futures slightly upward as debt-ceiling negotiations continue

U.S stock market might open higher this week as debt-ceiling negotiations continue. The overall sentiment is slightly tense though as no consensus yet on the debt talk. We are 10 days toward the deadline where the U.S. might default as early as June, 1. Traders will continue to use each bearish movement as a chance to add more positions in discounted stocks.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index looks trading upward and will target the top trendline again. There is no change to the index situation yet which ranges between the daily SMA 200 and the trendline. Traders will continue waiting for the index to make breakout and close outside of the range to confirm the next direction.

Yum Brands Inc (YUM)

YUM share prices reached a new high at $143.25 before starting a bearish correction. The bearish correction might continue toward the cluster of averages or the level around $132.50 – $135.00. Traders could use the levels as a place to enter long positions after bullish reactions. However, if the share prices continue the bearish movement and print a new lower low on the chart then the bearish trend will continue.