U.S stock futures pointed upward as the midterm election in progress

The stock market might open slightly higher today as DJIA futures are trading upward 70 points. Despite the situation, the direction of the market could change depending on the election results. Also, traders will await the release of CPI data this week which will give clues on the Fed policies.

A lower CPI level could boost the market as it might delay the Fed’s plan to rise interest rates.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is building bullish pressure inside the 32,500 – 33,250 area. The index showed an initial bearish reaction in the previous attempt but currently might attempt to continue higher to reach the top of the range. Traders will continue to monitor the index reactions at the range. If the index starts moving lower with strong bearish momentum then traders will prepare for a bearish continuation.

Alliance Resource Partners LP (ARLP)

ARLP share prices look formed a triangle formation and currently testing the top of the range. A bullish breakout and close outside of the range will confirm a bullish continuation. Traders will monitor the share price reactions inside the triangle area for now. If the share prices trading lower then traders could use the bottom of the range to enter long positions.