Stock futures were mostly flat before ADP Non-farm employment change and Jerome Powell’s speech

Traders are monitoring the release of job data this week to determine whether the Fed will continue its plan for an interest-rate hike or start another rate cut. There is a speech by Jerome Powell after the release of ADP data today. If Fed Jerome Powell decides to soften the approach toward interest-rate hikes then we might see a rally in the stock market. On the other hand, further statements to raise interest-rate will bring the stock market lower.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index might move lower to target the trendline and the 32,500 – 33,250 area. A retest might happen and traders will wait for reactions. If the index close below the area and the daily SMA 200 then the bearish trend will continue. On the other hand, if the index could maintain the position above the area and bounce from it then we might see a bullish continuation.

Colgate Palmolive Co Com (CL)

CL share prices undergo a bullish movement and currently trading near the daily SMA 200. There is more room for the upside toward the trendline. Traders will monitor the share price movement near both the daily SMA 200 and the trendline. If there are major bearish reactions then we might see a bearish continuation below the daily SMA 200.