The US 30 stock index (Cash) rebounded off the 29,642 support level, however, the current market reaction is flat around the record high of 31,718.90. The technical indicators are suggesting contradicting signals. The RSI is moving marginally higher in the positive area, while the stochastic is falling from the overbought zone.
An extension beyond the all-time peak of 31,718.90 could take the index in uncharted levels towards the next psychological marks such as 32,000 and 33,000.
However, a sell-off below the short-term SMAs could open the door for the 29,642 barrier, below the Ichimoku cloud before flirting with the 23.6% Fibonacci retracement level of the up leg from 18,170 to 31,718.90 at 28,500, around the 200-day SMA. Below this level, the 38.2% Fibonacci of 26,525 could come next.
Summarizing, in the short-term the US 30 index is moving horizontally, while in the longer timeframe, the price has been strongly bullish since March 23.
Written by Admin
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