US Stock Market Technical Analysis | August 08, 2022

Stock futures rises ahead of inflation data

The stock market maintains the bullish sentiment, nearing the release of inflation data this week. It’s been three weeks straight bullish close for the stock market. Will it continue again this week? It seems the situation will depend on the market reaction toward the release of inflation data this week.

A higher inflation number might dampen the mood and bring the stock market lower again. However, it is better to wait until the actual data release and the market reaction before deciding on what will happen next.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index has not left the horizontal range area. The index might continue trading sideways inside the range and waiting for the catalyst to move. Will the index get rejected from the area and resume the bearish trend? Alternatively, will it climb further upward to print a higher high and reverse the bearish trend?

BP ADR Sponsored (BP)

BP share prices recovered toward the daily SMA 200 recently and are set to test it. If a bearish rejection happens then we expect the share prices to continue the bearish movement. On the other hand, if the share prices could breakout above the average with strong bullish momentum then it is set to continue the bullish movement.

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