Stock futures are slightly higher, boosted by Amazon’s earnings

The stock market is set to open higher today following the performance by Amazon which surpassed analysts’ expectations. Despite the situation, bearish pressure might continue to mount on the stock market after stronger-than-expected GDP data which came out at 4.9% vs. 4.7% expectations. November could be a bearish month as the market awaiting the Fed’s decision on interest rate but the situation could change in December.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index resumes the bearish movement and will attempt to break out below the previous swing low. If the index could print a new lower low on the chart then the bearish trend will continue. At the current time, traders will continue accumulating long positions in stocks at the lower level.

Spotify Technology (SPOT)

SPOT share prices undergoing a bearish correction and currently trading inside the triangle area. The share prices will attempt to bounce upward and continue the bullish movement. Traders will use the current bearish correction as a chance to add long positions near the bottom of the triangle or near the daily SMA 200.