U.S stock futures drop 247 points, set for a weekly bearish close

The stock market might open lower today as futures indices are under bearish pressure. Traders and investors seem to turn to a risk-averse approach as the global situation continues to worsen. In the latest report, FedEx scrapped its full-year guidance and announce a cost-cutting initiative to prepare for softness in global shipping volume demand.

Next week, traders will observe closely the Fed FOMC meeting where a 75-100 bps rate increase might happen.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues under bearish pressure and might print a new lower low again. At the current time, the index is trading inside the horizontal range and traders will monitor the index reaction. If a close below the area happens then the bearish trend is set to continue to target a new lower low.

TJX Cos Inc (TJX)

TJX share prices currently trading near the daily SMA 200 and showing ranging movement. A triangle formation is in progress and traders will wait for a breakout and close outside of the range to confirm the next direction. We favor long positions as the price has printed a new higher high in the previous upward attempt. A new lower low on the daily chart will become a major bearish confirmation.