US Stock Market Technical Analysis | November 29, 2021

Stock futures make a recovery despite the Omicron variant spread

Asian stock market closed mostly lower today as the market reacted bearishly to the spread of the Omicron covid variant. Despite the situation, it seems the European stock market take a different course and start climbing. The U.S stock futures also recover after a major pullback at the end of the previous week.

This week, traders and investors will monitor closely the development.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made a major pullback, broke below the horizontal support level. The index might continue the downward movement to target the daily SMA 200. Under the current situation, it is better to wait until the downward pressure recedes to reenter long positions in equity.

Prudential Financial Inc (PRU)

PRU share prices on a bearish correction and recently broke below the daily SMA 100 & 200. It is getting near the daily SMA 200 and the trendline. Traders could use both support levels for a chance to enter long positions on bullish reactions.

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