USA500 stock recovery looks for support

Source: Dukascopy Bank SA


The July and August surge of the USA top 500 market capitalization stocks has encountered resistance in the 4,300.00 mark and a minor zone around it. Most recently, the equity index passed the support of the 200-day simple moving average and approached the resistance and support zone at 4,040.00/4,100.00.

If the index finds enough support in the 4,040.00/4,100.00 zone, the stocks could once again test the resistance of the 4,300.00 level. However, the 200-day simple moving average might slow down a potential surge. Higher above, note the February and March high level zone at 4,595.00/4,640.00.

On the other hand, a decline of the stocks would have to pass the 4,040.00/4,100.00 and 50-day simple moving average, before approaching the 2022 low levels at 3,640.00/3,675.00.
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