US Stock Market Technical Analysis | September 21, 2022

U.S stock futures were slightly higher before the Fed interest-rate announcement

DJIA futures are higher by 115 points at the current time before the interest-rate announcement. The market expects a 75-100 bps rate hike today which could put more pressure on the major indices. Nevertheless, traders will monitor the market reactions after the interest-rate announcement. A bullish bounce might also happen as the rate hike is already “Priced in”. However, it is better to stay sideline for now until actual movement happens.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is trading at the horizontal range we drew and is expected to continue to consolidate inside it. Today, there is FOMC interest-rate decision that might trigger high volatility movement. If the DJIA index breakout lowers then the bearish trend is set to continue. On the other hand, if the index climbs and closes above the range then the upward movement will target daily SMA 50 & 100.

Agenus Inc (AGEN)

AGEN share prices have been in a bearish trend since October last year. However, the recent bearish pressure is waning and the share prices could climb above the daily SMA 200. At the current time, AGEN is trading near the daily SMA 100 & 200. If the share prices could climb and close above the $3 handle then the bullish trend is set to continue.

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