- US 30 index extends upside move above SMAs
- Stochastics and RSI turn up
The US 30 cash index is rallying more than 2% today during Trump’s victory in the US elections, sending the market towards the previous all-time high of 43,575.
The technical oscillators are mirroring the latest strong bullish momentum, with the stochastic posting a positive crossover within its %K and %D lines before the north-run, while the RSI is pointing upwards above the neutral threshold of 50.
Rising further, the bulls could take the market until the record peak of 43,575 before challenging the next round number of 44,000.
On the other hand, if there is a potential pullback to the downside, first support could come from the 20-day simple moving average (SMA) at 42,765, ahead of the 50-day SMA at 42,260. Slightly lower, the 41,800 barrier, which is the previous trough, may pause downside movement.
In summary, the US 30 index has demonstrated a strong bullish trend over long- and medium-term timeframes, and another record high could signal further increases.
Source by: XM Global