U.S stock futures traded lower before the release of FOMC minutes of the meeting

DJIA futures currently lower 110 points which suggests bearish pressure a the market opens. Traders will focus on the release of FOMC minutes of the meeting today. The market movement might depend on the minutes of the meeting and also the debt-ceiling negotiations. Up until now, no major progress yet on the debt-ceiling talk but we think all parties will reach a consensus to raise debt-ceiling before June 1st.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index back under bearish pressure before it could reach the top trendline. It seems a test on the daily SMA 200 will happen soon and traders will monitor the reactions. Overall, no breakout from the daily SMA 200 and the trendline yet which means the trend is sideways. Traders will continue waiting for the breakout to confirm the next direction.

Pinterest (PINS)

PINS share prices are in trouble as it fell below the daily SMA 200 and are set to start a new bearish trend. The share prices made a bullish recovery and return to the daily SMA 200. Traders will monitor the reaction near the averages. If the share prices get rejected with strong bearish reactions then it will resume the bearish movement to target a new lower low.

Shoals Technologies (SHLS)

SHLS share prices made an interesting pattern and are currently at an intersection. If the share prices could breakout above the trendline and the cluster of averages then the bullish trend could continue. On the other hand, if the share prices get rejected then it will resume the bearish trend. We could see a new higher high and a possible double bottom in the previous bearish movement.