US Stock Market Technical Analysis | November 16, 2022

U.S stock futures on the bearish side before retail sales data

The stock market might come under bearish pressure before the market opens as traders await retail sales data. The recent softer-than-expected inflation numbers have become a booster for the market. Despite the lower inflation numbers for the U.S, we have hotter-than-expected inflation numbers in the UK. CPI comes out at 11.1% compared to the 10.7% consensus.

We think the market might experience another bearish movement today after the retail sales data. Most retailers have reported weak performance and slashed sales & revenue outlooks in the upcoming holiday sales. Weaker than-expected numbers might become the confirmation of a bearish continuation today.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index maintains the close above the broken trendline but has no bullish continuation yet. The index might come under bearish pressure and return below the trendline also daily SMA 200. If the index reverses the direction at the current level then there is no higher high and it could mean the continuation of a bearish trend.

Yum Brands Inc (YUM)

YUM share prices have broken above the bearish trendline and printed a new higher high. The share prices might start a bearish correction where it could become a chance for traders to enter long positions near the support level. On the lower level, $120.00 and the daily SMA 200 will become the support level to watch.

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