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The US top 2000 stock index has continued to decline in September. Namely, in late August a recovery found resistance in the 50-day simple moving average, which caused the ongoing decline.
An extension of the decline is expected to look for support in the 1,750.00 and 1,700.00 levels. These levels are near notable support and resistance zones that might come into play. Moreover, note the lower trend line of the recently added channel down pattern.
On the other hand, a recovery of the US stock market is expected to result in the index testing the resistance of the 1,800.00 mark. Higher above, take into account the upper trend line of the channel pattern, the 1,850.00 level and the 200-day simple moving average.
Wed, 27 Sep 2023 15:19:25 GMT
Source: Dukascopy Bank SA
The US top 2000 stock index has continued to decline in September. Namely, in late August a recovery found resistance in the 50-day simple moving average, which caused the ongoing decline.
An extension of the decline is expected to look for support in the 1,750.00 and 1,700.00 levels. These levels are near notable support and resistance zones that might come into play. Moreover, note the lower trend line of the recently added channel down pattern.
On the other hand, a recovery of the US stock market is expected to result in the index testing the resistance of the 1,800.00 mark. Higher above, take into account the upper trend line of the channel pattern, the 1,850.00 level and the 200-day simple moving average.