US Stock Market Technical Analysis | June 28, 2022

DJIA futures rising on the easing bearish pressure

The stock market is pointing upward today in the hope that market recovery will start again. Despite the situation, it seems the worst has not been over yet. Traders will stay cautious on sudden bearish reversal which could push the index further lower to print a new fresh low. There is consumer confidence data to watch today, forecast sees a number of 100.0.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is in a bullish corrective movement with the daily SMA 50 or the level around 32,500 as a target. The index is set to move higher today in the opening hour. Despite the bullish situation, traders will stay cautious and prepare for a bearish reversal which could happen anytime. Shorting near the resistance level might be the best action traders could do for now.

FirstEnergy Corp (FE)

FE share prices trading upward after printing a fresh low of $35.32. The upward movement might target the level around $40.00 or the daily SMA 200. If there is a bearish reversal from the resistance levels then traders could enter short positions with a stop above the daily SMA 200 or above $43.00.

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