The US 30 index (Cash) rebounded off the 29,642 support level, posting four straight positive days and climbing above the 20- and 40-day simple moving averages (SMAs).
The price is moving towards the record high of 31,284, while the technical indicators are confirming the upside tendency. The RSI is standing in the positive region, while the stochastic is holding in the overbought area, indicating a possible downside retracement.
An extension beyond the all-time peak of 31,284 could take the index in uncharted levels towards the next psychological marks such as 32,000 and 33,000.
However, a sell-off below the short-term SMAs could open the door for the 29,642 barrier, inside the Ichimoku cloud before flirting with the 23.6% Fibonacci retracement level of the up leg from 18,170 to 31,284 at 28,152, overlapping with the lower surface of the cloud. Slightly below this level, the 200-day SMA at 27,866 could come next.
Summarizing, in the short-term the US 30 index is returning to gains, while in the longer timeframe, the price has been strongly bullish since March 23.
