The US 30 (Cash) index posted a negative correction movement after it topped at 34,881 in the beginning of the month. The price also declined below the 20- and 40-day simple moving averages (SMAs) and is holding in the Ichimoku cloud. The RSI is falling beneath the 50 level and the stochastic is flirting with the oversold territory.
More losses might push the price down to the 33,267 barrier, before crashing to 32,080. Underneath these obstacles, the 23.6% Fibonacci retracement level of the up leg from 18,170 to 35,091.40 at 31,103 may halt downside moves.
Alternatively, the index might bounce again to the upside, encountering resistance near 34,881-35,091.40 before heading into uncharted territory. The market could flirt with the 35,500 and 36,000 significant hurdles if it breaks the aforementioned levels.
Finally, the index has been trending strongly upward since March 2020, and only a breach of the 200-day SMA might change the outlook to neutral.
Written by Admin
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