U.S stock market might open lower on tech earnings miss

The bearish sentiment in the stock market seems will continue as Nasdaq leads the downward movement today. Traders are reacting bearishly toward the earnings releases by tech companies that miss targets. It seems the rising interest rate continues to put pressure on the tech sector and it might not end yet.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index pushed lower again yesterday but fortunately no lower low printed on the chart yet. If the index could reverse the bearish pressure and start climbing above the daily SMA 200 then the trend might turn bullish. Traders will stay cautious for now while continuing to accumulate long positions in stock.

Kohls Corporation (KSS)

KSS share prices managed to form a double bottom pattern in the previous bearish test. At the current time, the share prices trading upward and soon will reach the cluster of averages and downtrendline. Traders will observe the share price reactions near both levels. If there are major bearish reactions then traders could consider entering short positions.