US Small Cap stock recovery approaches 1,900.00

Source: Dukascopy Bank SA


Since finding support in the 1,650.00 mark in mid-June, the top 2000 US small market capitalization stock index has been recovering. However, the recovery encountered some resistance in the form of the 50-day simple moving average near 1,770.00/1,800.00. At the start of August trading, the index was approaching the 1,900.00 mark.

A move of the price above 1,900.00 might encounter resistance in the combination of the 200-day simple moving average and the 2021 absolute low level at 1,938.80. However, it is more likely that the 1,950.00 mark was providing a psychological impact on the stocks. Higher above, note the late 2021 late January low level at 2,033.50 and the 2,000.00 mark.

On the other hand, a decline of the global and US stock market might find support in the 1,800.00 level and the 50-day simple moving average near 1,770.00.
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