US 100 stock index found strong footing near the 200-day simple moving average (SMA) once again, refusing to slip below the 8,000 number.
In the short-term, the market could follow a neutral path, holding above its recent lows, as the RSI is moving towards its 50 neutral mark and the MACD is stabilizing within the bearish area. The 50- and 20-day SMAs currently at 9,100 and 9,267 respectively could halt any upside extension, while the 9,500 barrier could deter any improvement towards the recent record high of 9,750.
Failure to jump above 9,000 and a pull back below 8,670 could push support towards the 8,300-8,100 supportive area, where any successful breakout could bottom near 7,850.
Looking at the bigger picture, the bullish structure reflected by the higher highs and higher lows could stay in place and only a drop below 7,460 would disrupt the positive pattern.
In brief, the US 100 stock index is expected to follow a sideways path in the short-term, while in the bigger picture the bullish trend is likely to remain in play.
