Dow Futures Ease Back From Monday’s Rally – Sell-Off Pressure Ahead Inflation Report
Dow futures were down more than 0.7%, suggesting investors may pull back after the index’s 1.7% gain on Monday.
The S&P500 futures fell 18 points or 0.68% while Nasdaq 100 futures were down by 0.75%.
Looking ahead to earnings reports, with PepsiCo, Under Armour Inc C, Blue Apron Holdings Inc, Western Union Company and MetLife just a few of the companies expected to release their results on Tuesday.
In political news, U.S. President Donald Trump proposed his 2019 budget to Congress on Monday, including cutting $3 trillion of the deficit, funding for a wall along the Mexican-American border, and an increase in military spending. He also released a $200 billion infrastructure plan. The proposals are merely suggestions and it is up to Congress to set the budget each year.
On the technical charts, Dow30 is trading in the negative zone, below the 9 day, 20 day, 50 day and 100 day moving averages. The RSI is placed at 41.46 and the MACD is below the signal line.
Sell stop at 24440, Take profit at 24313, Stop loss at 24562