US Stock Market Technical Analysis | January 3, 2022

Stock futures trading higher ahead of the first trading day of 2022

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U.S stock market closed at a record high last year and this year, the index might continue its upward movement. At the current time, DJIA futures are higher by 200 points and signaled a bullish continuation. However, traders and investors might weigh on the rising cases of Omicron which surge globally. Aside from the covid cases, inflation numbers also ticking up.

If the latest inflation number continues to climb aggressively then we might see more dramatic action by the Fed which might cause major volatility in the market.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index printed a new record high before the end of yearly trading. The index printed a bearish close after the new record high and might start a bearish correction. If bearish correction happens then 36,000 and the daily SMA 50 are the levels to watch for reactions. At the current time, there is a chance of bullish continuation. However, in the long-term traders might want to be careful as inflation keep rising moderately which might trigger a bearish correction in the index.

Philip Morris (PM)

PM share prices undergo bullish correction after the bearish movement below daily SMA 200. There is room toward the daily SMA 200. If the share prices could reach the level then traders could consider entering short positions on bearish reaction. On the other hand, if a bullish breakout and close above the level happen then traders will shift to long positions.

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