US Stock Market Technical Analysis | November 15, 2021

Stock futures flat at the beginning of the week, searching for direction

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U.S stock futures were mostly flat at the beginning of this week after the end of the five-week winning streak in DJIA. Traders and investors mostly will focus on retail sales data this week and several major earnings data. Last week, inflation data show the largest increase to the level never seen 30-years ago. It could mean that the Fed might need to step up their tapering to cool-off inflation.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is in a bearish corrective movement which has the potential to bring it down to the trendline shown on the daily chart. The index futures currently trading -14 points and indicate a neutral opening. The overall trend is bullish which means traders will continue to stick with long positions in stocks.

EBAY Inc (EBAY)

EBAY has been a predictable play as the share prices move between the two trendlines. Last month, the share prices hit the bottom trendline and bounce from it. The upward movement managed to reach the top trendline before reversing its direction. At the current time, the share prices once again reach the bottom trend and provide traders will long positions opportunities.

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