USA 500 stock index ends recovery

Source: Dukascopy Bank SA


In mid-March the USA top 500 stock index started a recovery, which saw the stocks recover back to the February high levels and even reach above them. However, before the index reached the 4,650.00 mark, the index started a minor decline. Initially, the decline was finding support in the 200-day simple moving average. On April 5th, the index passed below the support of the simple moving average.

If the stocks continue to decline, support might be found in the 50-day simple moving average near 4,400.00 and the 38.20% Fibonacci retracement level at 3,750.00. Further below, note the 2022 low level zone at 4,100.00/4,150.00.

Meanwhile, a recovery of the stocks would have to pass the 200-day SMA near 4,500.00 and the 4,600/4,640.00 zone, before reaching 2021 high levels.
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