Stock futures continue under bearish pressure, prepare for major tech earnings

The stock market might open the week on the bearish side, continuing the previous week’s bearish movement. Traders seem fretting over the fact that inflation will stay at a higher level while interest-rate also maintained for longer. Growth might stagnate and result in a lower movement in the stock market. Despite the situation, we still think each bearish correction is a chance for traders to add more long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues under bearish pressure after the rejection from the daily SMA 200. The index will attempt to extend the bearish movement and print a new lower low on the chart. If the index could print a new lower low on the chart then the bearish trend could continue. On the upside, if the index could close above daily SMA 200 and print a new higher high then the trend will turn to bullish.

Conoco Phillips (COP)

COP share prices stick near the top of the channel and might continue the upward movement. At the current time, there is bearish pressure which could lead to a bearish correction. Traders could wait near the support level for a chance to enter long positions when there is bullish reactions.