US Stock Market Technical Analysis | June 15, 2022

Market gearing upward before the Fed FOMC meeting

The Fed FOMC meeting which will set interest-rate is a major event to watch today. The Fed expected to increase the interest rate by 50 bps and maintain the hawkish comment on the next rate increase. If the Fed raises the rate by more than 50 bps then we might see some shock movement in the market.

At the current time, the Fed might continue to increase the rate aggressively as inflation increases not slow down. Traders might want to treat the current bullish pressure as temporary movement and wait for the reaction after the Fed announcement.

Technical Analysis

Dow Jones Industrial Average (INDU)

The situation of the stock market continues bearish, DJIA index printed another lower low yesterday before today’s FOMC meeting. There is a bullish build-up before the market opens and DJIA futures are currently higher by 195 points. We think the index’s real direction will be determined after the announcement of the interest rate and the Fed guidance.

Traders might want to stay sideline or stay bearish on the index for the medium-long term. If the index starts a bullish correction then 31,500 might become the upward target.

Halliburton Co Com (HAL)

HAL share prices are under bearish pressure but no lower low is printed on the chart yet. The price currently trading at the daily SMA 100. If the price could bounce from the averages then it is expected to continue the bullish trend. On the other hand, if the price continues lower then we might see a bearish movement toward the daily SMA 200.

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