DJIA futures lower nearly 200 points after jobless claims data

The stock market seems continuing the bearish pressure after the announcement of interest rates by the Fed. There is no rate hike this month but the Fed still thinks the inflation might continue to rise and prepare to do a rate hike in the upcoming meeting. Today, the market extended the bearish reactions after the release of U.S. jobless claims data which show a still strong job market. If the inflation numbers continue climb up again and we have strong labor market then there is strong reason for the Fed to do more rate-hike.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index initially showed bounce reactions from the daily SMA 100 but the index reversed the gain after the Fed interest-rate announcement. It seems the index might trade under bearish pressure until the next rate decision. Traders will observe the index reactions near the daily SMA 100 & 200. If the index breaks and closes below the averages then the trend will continue to be bearish. On the other hand, if the index could bounce with strong bullish reactions then we might see a new bullish leg.

Okta Inc (OKTA)

OKTA share prices managed to break out from the daily SMA 200 which might confirm a bullish reversal. The share prices then undergo a bearish correction toward the averages and is set to test it. Traders could use the moment to enter long positions near the daily SMA 200 when there are bullish reactions. On the upside, if the share prices could print a new higher high then the bullish trend might start.