US stocks end surge, but find support

Source: Dukascopy Bank SA


Since the last review of the US top 2000 stock index, the equities continued to surge in the channel up pattern and made three attempts to break above the 2,000.00 mark. However, at the start of August a decline started, which could not be stopped by the combination of the 50-day simple moving average and the lower trend line of the channel pattern. The pattern was broken on August 14.

On August 15, the index passed below 1,900.00. This event was followed with a decline to the 200-day simple moving average. The moving average has kept the stocks up since August 16 up to the creation of this review on August 25. Namely, once again the 200- day SMA has impacted the pair.

In regards to the future, a potential recovery from the moving average could be slowed down by the 1,900.00 mark. Higher above, note the combination of the 50-day simple moving average near 1,920.00 and the 2021 absolute low level at 1,938.80. In the case of these levels failing, the 2,000.00 mark could be reached once again.

However, an extension of the recent decline below the 200-day SMA could look for support in support and resistance zones near the 1,800.00 and the 1,750.00 levels.
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