Stock futures directionless before midterm election results

The stock market might open lower as traders and investors are awaiting the midterm election results. Aside from the election results, we are waiting for the release of U.S CPI data on Thursday. The market direction will be heavily influenced by the results. If inflation continues to increase then we might see mixed reactions. However, if inflation numbers cool then it is a bullish sign for the market as the Fed might delay the interest-rate hikes.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues moving upward in yesterday’s trading session. It is inside the 32,500 – 33,250 range but above the daily SMA 200. It could be a bullish signal and the index will continue the bullish trend. However, midterm election results and inflation data released this week could trigger a bearish reversal.

Traders might want to continue to stay cautious and wait for an actual bullish close above the area before jumping to a bullish conclusion.

Dell Technologies Inc (DELL)

DELL share prices are trading upward after the increase above the daily SMA 50. At the current time, the share prices are trading near the daily SMA 100 where it always got rejected and continues the bearish trend. Will the share prices get rejected from the averages and continue the bearish trend? Alternatively, will it climb above the averages to continue the upward movement toward the daily SMA 200?