USA30 index decline might reach 32,000.00

Source: Dukascopy Bank SA


The top 30 US stock index has been recovering throughout July and August. However, on August 16, a decline started, which indicated that the larger scale surge is over. By August 24, the equity index had reached below the 33,000.00 mark.

Next target for the decline could be the combination of the cluster of levels, which surround the 32,000.00 mark. The cluster consists of the 50-day simple moving average, the 2021 February high, March low and the 2022 late July resistance zone. In general, the 32,000.00 level is capable of acting as support and resistance. Further below, note that there is no support as low as the 29,665.30/30,560.00 zone.

However, a potential stock market recovery would have to pass the resistance of the 33,000.00 mark, the 200-day simple moving average at 33,300.00 and the 34,000.00 level, before the August high level of 34,280.00 would be reached.
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