US stocks respect moving average

Source: Dukascopy Bank SA


Since the last review of the USA 500 stock index on June 14, the rate tested and shortly reached below the support of the zone at 3,660.00/3,675.00. The index revealed that the 3,640.00 mark is acting as resistance. In the aftermath of the event, the stocks recovered and have been trading around the 3,800.00 mark in an almost 200 point range.

Meanwhile, it has been spotted the the pair is no longer respecting the 2022 low and high level trend lines. However, resistance appears to be found in the 50-day simple moving average.

If the stock index recovers and a surge above the 50-day simple moving average occurs, resistance might be found in the 4,040.00/4,070.00 zone. Higher above, note the 4,100.00 and 4,200.00 levels, which acted as resistance in late May.

On the other hand, a decline of the US stock market could look for support in the low levels at 3,640.00/3,675.00.
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