The US 100 index is stabilizing around the record high of 13,904, pausing the strong upside tendency. The technical indicators, though, are sending mixed signals, suggesting that the softness in the market may not over yet.
The RSI has turned lower near overbought levels, slightly below 70 indicating that the market could weaken a little bit in the short-term until the index falls below the 50 threshold. The MACD oscillator is gaining momentum above its trigger and zero lines.
Should prices decline, immediate support could be found around the 20- and 40-day simple moving averages (SMAs) bullish cross at 13,153 around the Ichimoku cloud. Then a leg below that level, the price could meet the 12,623 and the 12,194 barrier, which overlaps with the 200-day SMA.
However, if the market manages to pick up speed again and jump above the all-time high of 13,904, the next level could come from the immediate psychological number of 14,000 and 14,500.
In the long-term, the outlook remains strongly bullish since prices hold above all the moving average lines.
Written by Admin
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