US Small Caps stocks bounce off resistance

Source: Dukascopy Bank SA


Since March 17 up to April 4, the US top 2000 small market capitalization stock index tested the resistance zone at 2,085.00/2,140.00. On April 4, the stocks bounced off the resistance zone. By April 8, the index had reached and shortly pierced the support of the 2,000.00 mark.

If the index continues to decline and clearly passes below the 2,000.00 level, support might be found in the 1,950.00 mark and the 2021 absolute low level at 1,938.00. In general, it appears that the whole 1,920.00/1,950.00 zone might act as support. Further below note the 1,900.00 level and a 38.20% Fibonacci retracement level at 1,890.65.

On the other hand, a recovery of the index might encounter resistance in the combination of the 50-day simple moving average and the 2021 late January low level near 2,035.00. Higher above, the 2,085.00/2,140.00 is bound to act as resistance.
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