US Stock Market Technical Analysis | November 17, 2022

DJIA index drop more than 300 on recession fear

U.S 2-year treasury yield jumped to 4.42% on Thursday morning after the Fed’s James Bullard said the current policy rate is not in a zone that may be considered sufficiently restrictive. Traders will prepare for further weakness following the comment. Next week, there is a release of the U.S FOMC minutes of the meeting.

Traders will wait for further clues on the market sentiment based on the minutes of the meeting.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues to stay above the broken trendline, 33,250, and the daily SMA 200. However, the index shows weakness and might continue trading lower to retest the broken resistances. Will the index bounce and continue the bullish movement? Alternatively, will it continue lower and print a new lower high to confirm a bearish continuation?

Accenture PLC Com (ACN)

ACN share prices is in a bearish trend below the daily SMA 200. The share prices currently undergo a bullish correction toward the daily SMA 200. Traders will wait near the averages for bearish reactions to enter short positions. As long as the share prices print lower low and lower high, there is no reason for traders to turn bullish yet.

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