Stock futures clawing back upward after previous day dump caused by rising inflation
DJIA futures currently trading up 42 points and indicate recovery after the previous day’s bearish movement. CPI data show an increase of 0.9% compared to 0.6% which pushes bond yield up. The market realized that the uptick in inflation number might suggest a more aggressive approach by the Fed to tame the inflation before it goes out of control.
Dow Jones Industrial Average (INDU)
DJIA index closed lower for the second day after printing a new record-high. The index might continue lower and target the horizontal support line. Under the current situation, traders will wait for the index to resume the bullish movement or reach a support level and bounce from it. Long positions might be better, rather than shorting.
Take-Two Interactive Software (TTWO)
TTWO share prices currently move lower after printing a higher swing high. The current trend might have switched from bearish to bullish and a bearish correction toward daily SMA 200 will be treated with a bullish scenario. Traders will use the averages to enter long positions on bullish reactions. On the upside, $195.00 – $210.00 is the area to watch for resistance.