Stock futures trading upward after strong earnings result
The stock market is set to open higher today as DJIA index futures are higher by more than 250 points. The move seems inspired by strong earnings result from banking shares. Bank of America, Citigroup, Morgan Stanley, and Wells Fargo are set to rise today after the earnings beat.
Yesterday, the Fed minutes of the meeting indicate that the Central bank could start tapering mid-November or mid-December.
Dow Jones Industrial Average (INDU)
DJIA index pushed lower yesterday but the index managed to recover all of its losses and closed the day near the opening level. A bullish pin bar pattern formed and today DJIA futures are higher by more than 250 points which indicates bullish continuation. We might see another test on the daily SMA 50 & 100 soon.
FirstEnergy Corp (FE)
FE share prices are in a bearish correction phase and currently trading near the daily SMA 200. The share prices might continue trading between the two trendlines and looking to bounce from the daily SMA 200. Traders could use the daily SMA 200 as level to enter long positions with a tight stop below it.