Stock futures trading upward after weaker than expected job data

The stock market might stage a bullish reversal for the medium-long term following the Fed comment and lower-than-expected job data. U.S. non-farm employment data come out at 150k vs. 178k expectation. If inflation numbers come down then we might see a rate-cut which could become a validation of a bullish trend.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index building more bullish momentum and is set to print a new higher high above the daily SMA 200. If the index could extend the bullish movement then we might see a trend reversal for the medium-long term. However, if the index fails to print a new higher high then the bearish structure is still intact and another bearish attempt might happen.

TREX Company Inc (TREX)

TREX share prices returned above the daily SMA 200 after strong earnings results and it managed to score a two-day bullish close. The share prices might continue the bullish movement and close above both daily SMA 50 & 100. If the share prices trade lower then traders could use the daily SMA 200 as a place to add more long positions.