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US 30 Index Opens with Gap Down; Flirts with 4-Month Low

The US 30 index futures opened with negative gap today below the 38.2% Fibonacci retracement level of the upward movement from the 16-month low of 21,596 to the 6-month high of 26,712 near 24,754. The index is on the back foot, recording more than four-month low (24,606), and the technical indicators suggest that the market could ease a little bit more in the short-term; the MACD is falling in the negative zone, while the RSI looks to be losing momentum near oversold area.

In case of a correction lower, major support may be initially found near 24,154 which is where the 50.0% Fibonacci is currently located. Falling lower towards the 61.8% Fibonacci of 23,540, the medium-term picture would shift from bullish to neutral, while a drop under this significant region could endorse a bearish structure.

On the other hand, if the bulls take control and surpass 38.2% Fibonacci mark, resistance could come around 25,220 and the 200-simple moving average (SMA) near the 23.6% Fibonacci of 25,500.

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Summarizing, in the near-term, the momentum indicators point to a possible bearish movement if the price fails to pare today’s gap.

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