Dow Futures whipsawing after inflation data

DJIA futures trade lowered 300 points as soon as the release of U.S inflation data. The number came out hotter than expected, with CPI at 8.2% vs. 8.1% expectation and core CPI at 0.6% vs. 0.4%. At the current time, DJIA futures moving with high volatility and might settle the day on the bearish side. Higher inflation is a confirmation for the Fed to hike interest-rate further.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is under bearish pressure and set to open level today as the index futures are down more than 400 points. Traders will continue waiting for reactions at the support level. If the index prints another lower low then it will continue the bearish trend. No reason to turn bullish yet until a new higher low and higher high is printed on the chart.

Mastercard (MA)

MA share prices closed below the monthly SMA 50 and now trading at the 50% Fibonacci Retracement level. The bearish movement might continue to target 61.8% and 78.6%. Traders will take note of the 78.6% level as there is a horizontal flip level and monthly SMA 200. If the bearish pressure receded and there is bullish reactions then traders could enter long positions.