Stock futures flat near opening level

The U.S. stock market headed for a big weekly loss after the Fed FOMC meeting. It seems the market thinks that the economy will experience a hard landing and become more defensive. The Fed might raise interest-rate again in November and prepare for a further increase if inflation continues to stay at a high level. At the current time, traders will continue waiting for the stock market to undergo a bearish correction to add more long positions at a lower level.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index broke below the daily SMA 100 with moderate bearish momentum. The index might continue the bearish movement to target the daily SMA 200 next. Traders will observe the reactions of the index near the averages. If the index could bounce upward with strong bullish momentum then the bullish trend could continue. On the other hand, if the index breaks lower, closes below the daily SMA 200, and print a new lower low then the trend will turn bearish.

Micron Technology (MU)

MU share prices pointed to the downside now and are set to undergo a bearish correction. The share prices might target the bottom trendline and daily SMA 200 where traders could consider entering long positions. We expect the share prices to continue to consolidate inside the triangle range and traders will use the bearish correction as a chance to enter long positions.