US Stock Market Technical Analysis | November 15, 2022

U.S stock futures pointed upward on strong Walmart results

Walmart posted earnings per share of $1.5 vs. $1.32 expectation. Revenue comes out at $152.81b vs. 147.75 expectations. At the current time, the share prices are trading upward more than 6% before the market opened. DJIA futures are up nearly 200 points in anticipation of U.S PPI data today. If PPI data follow the CPI result then we might see upward momentum in the share prices.

Traders will monitor the data released today to gauge the market directions toward the end of the month.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index printed a bearish close yesterday above the trendline. The index might continue moving lower to test the broken trendline and 33,250 level. If the index could move lower and close below the daily SMA 200 then we might see a continuation of the bearish trend. On the other hand, if the index could bounce upward and print a higher high then the trend will turn bullish.

Micron Technology Inc (MU)

MU share prices trading upward to target the daily SMA 200. Traders will observe the share price reactions near the averages. If there are major bearish reactions then traders could enter short positions with a stop above the averages. A breakout and close above the averages and $65.00 might become a bullish reversal confirmation.

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