USA 500 stocks books new low level

Source: Dukascopy Bank SA


The USA 500 stock index decline has continued, as the 3,830.00/3,870.00 zone has been passed. On June 14, the pair was confirming the 3,800.00 level as resistance. In theory, the index should continue to decline. However, the 2022 low level connecting trend line is close by and could act as support near 3,720.00.

In the meantime, note that on Wednesday, June 15, the US Federal Reserve is set to hike interest rates. Depending on the size of the rate hike, the decline might crash through support levels or a minor recovery up to resistance levels could occur.

If the US stocks surge, note the 3,800.00 mark, the 3,830.00/3,870.00 zone and the 4,000.00 mark. Higher above, note the resistance line, which connects the 2022 high levels.

On the other hand, a decline below the support trend line and 3,720.00 might encounter support in the 3,660.00/3,680.00 zone, before reaching the 3,600.00 level.
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