- US 30 index retains bullish outlook above uptrend line
- Technical oscillators indicate more gains
The US 30 (cash) index is traveling slightly below the all-time high of 38,782 and above the medium-term rising trend line, suggesting a potential move to the upside again.
Given the current positive momentum, the question now is whether the index will stay resilient above the 38,108 key region. A clear step below it and beneath the uptrend line as well as the 161.8% Fibonacci extension level of the down leg from 35,685 to 32,230 at 37,800 would wipe out yesterday’s boost, pressing the price towards the 50-day simple moving average (SMA) at 37,447. Slightly lower, the 37,100 support could come next ahead of 36,300.
Technically, the short-term risk is leaning to the upside. The MACD crossed its trigger line to the upside in the bullish area, while the RSI is holding near the 70 level. Also, the stochastic oscillator posted a bullish crossover within its %K and %D lines, approaching the overbought zone.
On the other hand, traders will wait for a close above the previous high of 38,782 to upgrade the price’s outlook. Then, the next battle could take place somewhere near the 40,000 psychological number.
To sum up, the latest bullish move in the US 30 index has not excited traders yet. An extension above the record high of 38,782 is still required to make the upturn look more credible.
 index is traveling slightly below the all-time high of 38,782 and above the medium-term rising trend line, suggesting a potential move to the upside again. ){kind=link}