US Stock Market Technical Analysis | November 24, 2021

U.S stock futures little changed

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The stock futures trading mostly flat after the previous day drop led by the tech sectors. Traders and investors seem weighing on the rate-hike across the world. Recently, the market also digested the news that Fed Jerome Powell got renomination. Aside from the news, a surge of covid cases in Europe turned the region into a hot spot.

Traders will focus on the release of GDP data today and the FOMC minutes of the meeting.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index formed a bullish reaction near the horizontal level. If the index could surpass the bullish candlestick’s high then traders will prepare for bullish continuation to target a new record high. On the other hand, if bearish pressure resurfaces then the index could target the daily SMA 50 & 100.

Edwards Lifesciences Corp (EW)

EW share prices look trading inside a triangle pattern. The share prices are currently under pressure and testing the bottom of the triangle. Will a bearish breakout happen and EW continue lower to test the horizontal line or the daily SMA 200? Alternatively, will it continue the movement inside the triangle area?

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