Stock futures are slightly lower as traders wait for inflation data

The rise of U.S. treasury yield puts the stock market on the defensive. Traders expect a rate cut in the upcoming FOMC meeting but it seems eyes will focus on the inflation data. Core PCE data will become the major focus in today’s trading. Currently, stock futures are under pressure after MSFT reported stronger-than-expected results but provided weak guidance.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index stabilizes but it looks to continue under bearish pressure.  The index might resume the bearish movement to target the Fibonacci Retracement levels and the daily SMA 100. Traders could wait near the Retracement levels or the averages for bullish reactions. When the index form bullish reactions, traders will get confirmation of the bullish continuation in the stock market.

Hecla Mining Company (YY)

YY share prices look trading inside a bullish channel where it has reached the top of the channel and started a bearish correction. The share prices might turn lower to test the daily SMA 100 and the bottom of the channel. Traders could use the averages and the bottom of the channel as places to add long positions when there are bullish reactions.