Stock futures slightly higher after Monday’s sell-off

The stock market is set for a slightly bullish opening as the index futures are trading higher. The bullish situation is incited by a report that over 65.8% of China’s people, ages more than 80 have been vaccinated. Also, the country reported a decline in covid cases over a week. Despite the situation, traders will stay cautious approaching December when another U.S. rate hike is imminent.

If the economic slowdown and inflation are untamed then we might see another downturn before the end of the year.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index closed lower yesterday as the global market make a pullback cause of unrest in China. The index might continue moving bearishly and target the trendline also the 32,500 – 33,250 area. If the index closes below the daily SMA 200 then there is a chance of a bearish continuation. On the other hand, a bounce from the trendline could signal a new bullish leg.

Accenture PLC Com (ACN)

In the previous analysis, ACN is trading upward and getting near the daily SMA 200. At the current time, the share prices are trading near the averages and will wait for reactions. If there are significant bearish reactions then traders will prepare for a bearish continuation. On the other hand, a close above the averages might open the path to test the $300.00 handle.