US Stock Market Technical Analysis | November 14, 2022

Stock futures pointing downward after the strong weekly performance

The DJIA futures currently lower 56 points before the market open. It seems a bearish correction might happen after the previous week’s strong bullish performance. Traders might continue to expect the stock market to continue the upward movement after last week’s softer expected inflation numbers.

Despite the situation, traders might want to stay cautious and aim to enter long positions when bearish movement happens.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index maintain a bullish movement and closed above the daily SMA 200 and also the trendline. Despite the situation, the index has not fully cleared the resistance level yet. If the index starts moving lower and closes below the daily SMA 200 then we might see a continuation of bearish movement toward the 30,000 level.

Amerisourcebergen Corporation (ABC)

ABC share prices break out above the daily SMA 200 and also the bearish trendline. The share prices continue the upward movement to print a new higher high. At the current time, it is under a bearish correction period and tested the daily SMA 200. Will the share prices continue the bullish movement? Alternatively, will it start moving lower again to test the averages?

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