US Stock Market Technical Analysis | September 15, 2022

Stock futures are slightly bearish after mixed economic data

The stock market situation is mostly bearish after the release of inflation data which misses expectations. However, inflation numbers, in reality, turn lower and might indicate peaking. Today, retail sales data show a higher number than expected but core retail sales miss the expectation. The market might continue choppy trading and await more data to confirm the next direction. Aside from the retail sales data, unemployment claims show a decreasing trend with 213k claims vs. 225k expectations.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is under bearish pressure after the release of inflation data. Despite the bearish pressure, yesterday the index managed to maintain its position without bearish continuation. If the index could continue to maintain its current position then we might see upward movement before this month’s FOMC meeting.

Gilead Sciences Inc (GILD)

GILD share prices are printing higher highs and higher lows also it currently trading above the daily SMA 200. A test on the averages is in progress and traders will observe closely the share prices reaction. If the share prices could bounce and trade upward then it will target a new higher high. Traders could enter long positions with stops below the previous swing low.

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