US Stock Market Technical Analysis | September 23, 2022

DJIA futures lower 300 points, extending the Fed-driven bearish movement

The stock market is set to close the week on the losing side after the sharp bearish movement. Traders and investors seem to think that the Fed will keep raising interest-rate to combat inflation and it might lead to a more aggressive rate hike in the next meeting. Nevertheless, the current situation might continue bearish until next year and traders who want to enter long positions might want to stay cautious.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index might have confirmed a new bearish leg to target a new lower low. The index will continue the bearish trend and traders better avoid taking long positions in stock for now. If the index starts a bullish correction then the area around 30,750 – 31,250 will become the resistance area to watch for a bearish reaction.

U.S Steel Corp (X)

X share prices look moving with high volatility near the daily SMA 50 & 100. It might continue lower to test the daily SMA 200 where traders could consider long positions. On the lower side, there is the probability the share prices could continue lower to test the bottom trendline. Traders will observe closely the share price reactions for now.

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