Stock futures are trading slightly positive in an attempt to erase the losing streak

U.S stock market might open higher today as the index futures are trading upward before the opening bell. Despite the situation, traders might want to stay on the bearish side as this month’s FOMC meeting looming. All eyes are expecting a rate-hike and possibly an aggressive one. At the current time, the energy crisis in Europe worsens as Russia once again blocks the gas supply to Europe. Analysts think that ECB will introduce a big rate hike to combat the current rising inflation.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made another bearish close and entered the horizontal area as shown on the chart. The index might stall near the area and wait for further reaction. It is not the time to turn bullish yet as this month’s FOMC meeting is not far away. We expect the index to continue under bearish pressure and attempt to print a new lower low.

Archer Daniels Midland (ADM)

ADM share prices look trading upward and attempting to return to the bullish trend. We could see the current price movement might be limited between two trendlines. Traders will use the trendline to enter positions while waiting for a breakout. If the share prices could reach daily SMA 200 or the bottom trendline, traders could add more major positions.