Stock futures under bearish pressure as the market await inflation data

The stock futures are slightly lower at the current time after the previous week’s failed bullish bounce movement. The market might continue trading under bearish pressure until the inflation data is released this week. If inflation numbers continue to cool then we might see a rally in the stock market. However, traders also will focus on the earnings season this month to gauge how the company fare after the latest consecutive interest-rate hike by the Fed.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index could not continue the upward movement toward the 30,500 – 31,250 levels. The pair was under bearish pressure and might resume the bearish trend below 30,000. At the current time, the DJIA futures are slightly lower by 30 points before the opening bell. Will the index continue the bearish trend? Alternatively, will the pair continue moving upward to test the 30,500 – 31,250 area?

Valero Energy Corp (VLO)

VLO share prices look trading inside a triangle area and currently testing the top of the triangle. If the pair could maintain the positions above the level and continue the bullish movement then a bullish breakout will happen and we might see a new bullish trend. On the other hand, bearish rejection will bring the pair lower to continue the sideway movement inside the triangle area.