Stock futures are under pressure as traders observe major tech earnings release

The DJIA futures currently trading lower than 175 points before the market opened. Traders and investors are awaiting the earnings report from Alphabet and Microsoft after the market close. Meta is scheduled to report earnings on Wednesday and followed by Apple & Amazon on Thursday.

This week’s sentiment will depend on the earnings releases and traders might want to stay sidelined for now.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index broke past the 30,500 – 31,250 area which means the situation is bullish for now. However, we might see a bearish pullback to retest the area. Traders will monitor the index reactions, if the index trade lower and close below 30,500 then the bearish trend is set to continue.

MGM Resorts International (MGM)

MGM share prices printed a higher low and currently trading upward to target the daily SMA 200. If the share prices could print a new higher high on the chart then the trend might switch from bearish to bullish. Traders could wait near the daily SMA 200 when a bullish breakout happen to enter long positions.