Stock market set to close the week on a positive note as earnings results beat

DJIA futures are currently upward 151 points before the market open. The index futures gain is attributed to the earnings result from Goldman Sachs today. Aside from the earnings result, retail sales also surprise the market with a 0.7% gain compared to the 0.2% decline expectation. Not much change will happen which mean the stock market might continue upward while earnings results are being released.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made a strong performance yesterday and closed near the daily SMA 50. The index might continue moving upward today as the DJIA futures are higher by 151 points at the current time. A breakout and close above daily SMA 50 will become major bullish confirmation for continuation toward a new record high.

FeDex Corp (FCX)

We are looking at the FDX weekly chart which shows a bigger outlook. The share prices make major correction this year since the $319.9 high. It is trading below the yearly opening level and near the weekly SMA 200. There is a chance for long-term long positions from the current level with a stop below the white horizontal line. Long positions above the previous week’s high could be taken with the yearly high as the target.