The US 100 stock index (cash) rebounded near the one-month old ascending trendline and the 8,300 level on the four-hour chart, saving its uptrend from a disruption.
The price also managed to find some footing on the upper surface of the Ichimoku cloud but resistance around 8,714 is currently blocking the way north.
Technically, there is some bullish pressure in store, though weak, as the RSI is pushing efforts to hold above 50, while the MACD is making tiny steps above its red signal line to enter the positive area.
A closing price above 8,714 could confirm a bullish bias, with the spotlight turning next to the 8,850-9,000-resistance zone. Breaking that top, the rally may initially take a breather around 9,230 before heading to the 9,460 barrier.
In the negative scenario, if the 8,714 level rejects upside movements, the ascending trendline near 8,500, may come to the rescue again, while lower, the 8,340 mark will remain in focus for a steeper decline towards 8,100. Beneath the latter and the Ichimoku cloud, traders may speculate that a downtrend may be in progress, pushing support to the 200-period simple moving average (SMA) and the 7,800 mark.
In brief, the US 100 index is currently holding a weak positive bias. A closure above 8,714 could strengthen upside pressure, while a drop below the supportive trendline could generate additional losses.
