US Stock Market Technical Analysis | June 11, 2021

U.S stock market set to open higher, shrugging inflation report

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There was no bearish reaction toward the rising inflation data reported this week. The U.S stock market continues building more bullish pressure and disregarding the rising inflation. It seems the market has priced in that the Fed will not change their policies in the coming FOMC meeting.

Nevertheless, if the inflation number continues to increase in the next report then the Fed will need to unwind their loose policies eventually.

Asian & European Stock market

The Asian stock market mixed. Japan Stock market down 9.83 points (-0.03%) to 28,948.73, China stock market down 21.11 points (-0.58%) to 3,589.75 and Australia ASX 200 up 9.80 points (+0.13%) to 7,312.30. The European stock market trade higher. DAX Germany up 0.55%, UK FTSE up 0.60%, and Euro STOXX600 up 0.61%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index disregards the inflation data and started a bullish movement yesterday. However, the bullish movement immediately lost momentum and the index reverse its direction. At the end of the day, the index closed lower. Today, there is bullish pressure before the market opens but we might see the index trading not far from the current level until next week’s FOMC meeting.

Home Depot (HD)

HD share prices currently in a bearish correction from the $345.69 top. The share prices have broken below daily SMA 50 and soon will reach the daily SMA 100. Traders could prepare to enter long positions near the daily SMA 100 and the horizontal flip level.

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