The US 30 index is continuing its two-week-old rebound but with slower momentum, reaching one-month highs of 28,600 today. The short-term bias looks quite positive as the MACD is surpassing the trigger line, jumping in the positive area. The RSI, meanwhile, is flattening in the bullish territory, but it needs more progress for steeper inclines.
The 29,210 resistance level could be a trigger point for more bullish actions, and if the index breaks the line, the all-time high of 29,582.61 would come next. Even higher, the market could open the way for new fraudulent paths.
However, if the price reverses back to the downside, investors could pause their move at the 50-day simple moving average currently at 27,878 ahead of the 100-day SMA at 27,022. If the market continues to drop, support could next come somewhere between the 23.6% Fibonacci retracement level of the up leg from 18,145 to 29,210 at 26,571 and the flat 200-day SMA at 26,251.
In the long-term picture, the bounce off the 40-month trough of 18,145 turned the outlook from negative to bullish again. Chances for another positive move are still rising as the 50- and 100-day SMAs keep rising.
