US Stock Market Technical Analysis | November 18, 2022

Stock futures pointing to the upside at the end of the week

The market seems thirsty for bullish continuation as it is under bearish pressure this entire week. At the current time, DJIA futures are up more than 200 points which indicate a bullish opening. Despite the situation, traders will continue to stay cautious as the index hanging near the resistance level and we are not far from the next FOMC meeting.

Traders could expect 1 more downturn before the start of a new bullish leg.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index showed a bullish reaction yesterday after testing the trendline and 33,250 level. The index will continue its attempt to stay above the level to extend bullish movement. If the index closes below both levels then traders will prepare for a bearish continuation. We think the bearish scenario has a higher chance to play out until next month’s FOMC meeting.

Guess Inc (GES)

GES share prices have returned to its daily SMA 200 which it always gets rejected in the past. If the share prices experience another bearish rejection then we might see another bearish leg to target a new low. Traders could use the moment for a chance to enter short positions with tight stops above the daily SMA 200 or previous swing high.

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