Stock futures are on the bearish side as technology sectors are under fire

Nasdaq composite futures were down 1.66% before the market opened today. The bearish pressure happen as Alphabet and Microsoft both reported weak performance yesterday. Traders and investors will eyes Meta’s earnings report today. If Meta reported another disappointing result then we might see bearish pressure in the market until the end of the week.

Technical Analysis

Dow Jones Industrial Average (INDU)

The bullish pressure on the DJIA index continues above the 30,500 – 31,250 area and now will target the daily SMA 200. Traders will wait near the resistance level for bearish reactions. As long as the index continues printing new lower lows and lower highs, there is no reason to turn bullish for the long term.

Alibaba Group Holding (BABA)

BABA share prices continue its bearish movement and have reached the lowest level seen 7 years ago. The share prices might continue under bearish pressure and traders will monitor the reactions at the support level. If the share prices could find support and stabilize then traders could add more long positions.