US Stock Market Technical Analysis | April 27, 2022

U.S stock futures set to rebound after strong tech earnings result

The DJIA futures are currently up more than 300 points, fueled by Microsoft better than expected earnings. The company reported earnings per share of $2.22 vs. the $2.19 expectation. Revenue comes out at $49.36b vs. $49.05b. At the current time, share prices are up 5% before the market opened. Facebook parent Meta is set to report earnings after the market close.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index resumes the bearish movement and forms a new lower low yesterday. The index trend expected will continue to be bearish and each bullish movement is a correction before further downside. At the current time, the level around 34,000 – 34,200 will become a resistance level when a bullish correction reaches the area.

Box Inc (BOX)

BOX share prices seem to start a bearish correction after the $33.04 top. Traders could wait near the horizontal level around $30.00 and the $27.00 – $28.00 area for a chance to enter long positions. A stop level could be placed below the daily SMA 200 anticipating a major bearish reversal.

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