US Stock Market Technical Analysis | July 22, 2021

Unemployment claims rebound put the stock market in check

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DJIA futures currently lower 46 points as U.S unemployment claims unexpectedly increase to 419k vs. 350k expectation. The jump in claims number shocked the market as recovery in the job market might come under threat. However, the increase may be only temporary.

Next week, there is the FOMC interest rate decision which should create volatility in the market. Traders will monitor closely the data releases nearing the announcement.

Asian & European Stock market

The Asian stock market is mostly higher. Japan Stock market closed, China stock market up 12.07 points (+0.34%) to 3,574.73 and Australia ASX 200 up 77.70 points (+1.06%) to 7,386.40. The European stock market maintains bullish pressure. DAX Germany up 0.63%, UK FTSE down 0.26%, Euro STOXX 600 up 0.66%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made another bullish close which brought the index to a positive area this week. Traders could expect the index to continue its bullish movement to target a new record high. On the daily chart, we have a higher swing low printed which means the bullish trend is still intact.

Marathon Digital Holding Inc (MARA)

MARA share prices trading lower and reached the daily SMA 200. The share prices made a bullish reaction yesterday and bounced from the averages. Traders will expect the share prices to trade upward and attempt to print a higher swing high. Long positions could be taken near the daily SMA 200 with a stop below the previous swing low.

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