U.S stock futures pointed upward before inflation data

The stock market is set to open higher today as traders and investors return to Monday’s trading session. It seems the market sentiment turns bullish nearing the release of inflation data this week. Nevertheless, traders will continue waiting for this month’s FOMC meeting to get confirmation on the next direction.

It is possible the stock market will turn lower again after the news, traders might want to trade cautiously for now.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index points upward after the bounce from the horizontal area. The index might continue trading upward to retest the daily SMA 200. Traders will monitor the index reaction near the resistance level. If the index form a major bearish reaction then traders will shift to bearish strategies in the stock market.

Devon Energy Corp (DVN)

DVN share prices trading upward after the bounce from the daily SMA 200. The share prices might continue to add more bullish pressure and target a new higher high. At the current time, there is a triangle formation to watch on the daily chart. A breakout from the triangle pattern will confirm the share prices next direction.