US Stock Market Technical Analysis | August 04, 2022

Stock market flat as traders await jobs data

Traders and investors turn optimistic that the U.S economy could dodge the recession. This Friday, there are releases of job data which is a gauge of the recovery progress. If the job growth continues to be robust then there is a sign that the economy is not slowing down. Aside from the data, traders also will monitor the situation in Taiwan.

Conflicts in Taiwan could trigger another downturn in the stock market.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues trading inside the horizontal area and traders will wait for movement out of the range. We still think the bearish scenario will play out and the index continue the bearish movement. However, a close above the area will confirm a bullish reversal and bring the index further upward to test the daily SMA 200.

Conoco Phillips (COP)

COP share prices pull back lower from the top as oil prices start to trend lower. The share prices currently trading between the daily SMA 100 & 200. Will the share prices consolidate between the two averages and stabilize? Traders will wait for a breakout from the range to get confirmation on the next direction.

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