USA30 stocks reach support zone

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since the last review of the USA 30 stock index, the index has declined. In general note the two large red candles, which were caused by fundamental events. Namely, the US Fed Chairman Jerome Powell stated that a recession is likely and the US inflation data revealed that despite monetary efforts inflation is rampant.

By September 20, the index had reached the support of the Late 2020 high and 2021 and 2022 low level zone at 29,665.00/30,560.00. On September 21, the US Fed was set to do a rate hike. Depending on the size of the hike the stocks are expected to either recover or decline further. Namely, a 0.75% or 1.00% hike is expected and would set the direction.

A move below 29,665.00 would result in the index looking for support in 2020 relevant levels like the 29,000.00, 28,000.00 and 27,000.00. On the other hand, a potential recovery might encounter resistance in 32,500.00 and 33,000.00.
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