US Stock Market Technical Analysis | January 11, 2022

Stock futures pointed upward after consecutive bearish closes

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The U.S stock market is set to open higher today, recovering from four days of bearish closes. Traders and investors mostly will focus on Jerome Powell’s testimony today and tomorrow inflation data. The testimony might provide further guidance on the Fed’s outlook on interest rate. Meanwhile, inflation data will tell how aggressive will the Fed need to raise the interest rate to battle the increase.

If interest-rate follow the latest upward trend then we might see a major bearish pullback in the stock market.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index fell for the fourth day and managed to test the daily SMA 50. The index seems to recover most of its losses yesterday. At the current time, the index futures are higher 72 points which indicate a possible bullish follow-up. Will the index continue the bullish trend and target a new record high?

Gogo Inc (GOGO)

GOGO share prices are located near the daily SMA 200 now after bearish correction. We could see the range between $12.00 – $14.00 where consolidation might happen. Traders will monitor the price movement inside the range for now. On the other hand, traders could enter long positions near the daily SMA 200 and $12.00 hoping that a bullish reversal might happen.

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