Stock futures turn lower as traders observe earnings results

The stock market is back in hot water as treasury yield continues to climb as uncertainties regarding rate-hike continue shrouding the market. Snap inc reported an earnings miss which bring negative sentiment to the market. There is little bullish sentiment but the market has not reached its full doom & gloom which means the bottom has not been there yet.

If the stock market continues moving lower then traders will continue to observe the sentiment before entering long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index stuck near the 30,500 – 31,250 range and slowly show bearish reactions. If the index starts moving lower then we might see a continuation of a bearish trend to target a new lower low. Traders will continue waiting for further reactions from the resistance area. No reason to turn bullish yet, each bullish attempt is a chance to enter short positions at a higher level.

Home Depot Inc (HD)

HD share prices is currently under bearish pressure and there is no sign of a bullish reversal. The share prices have entered the long-term channels and might continue moving lower to test the bottom of the range. Traders will monitor the share price movement inside the range for bullish reactions. If there are bullish reactions from the bottom of the range then traders could enter long positions.