USA500 stocks confirm high level as support

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Source: Dukascopy Bank SA


The US stock index continues higher. In the meantime, note that it has confirmed the prior 2024 high level as support, together with the 5,700.00 mark. Moreover, it appears that the equities have the support of a potential channel up pattern. It can be drawn by connecting the August and September low levels and setting the parallel line at the August highs.

The index is set to continue its surge, if the pattern continues to push it higher. A potential surge might encounter resistance in the 5,900.00 level, before approaching the 6,000.00 mark.

However, in the case of a decline, support is expected to be looked for in the 5,800.00 level and the lower trend line of the channel up pattern. If the pattern fails, the index is set to approach the support of the 5,700.00 level, the prior 2024 high and the 50-day simple moving average.
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