Market Analysis: August 8th
US 30 faces a challenge from sellers amidst a bullish setup. The sellers in the US 30 index are challenging the long-standing bullish strength on the daily chart. As a result, they are introducing a potential setback in the bullish setup. Buyers have been prominent in the market for an extended period, exerting strong bullish pressure. However, sellers have emerged to challenge this bullish momentum.
US 30 Key Zones
Resistance Zones: 35669.00, 35948.90
Support Zones: 33657.90, 32693.30
US 30 Long-Term Trend: Bullish
The strength of the buyers has been evident for the past two months. They have influenced the market from the 32693.30 level. Pushing above the key zone of 33657.90, the market entered a brief consolidation phase. Following this consolidation, the bulls gathered strength and continued their upward movement, breaching several key levels. Buyers approached the $35669.00 price level earlier this month but failed to overcome it. As buyers lowered their guard, sellers took advantage and drove the price down to the 35048.10 key level.
The current price formation indicates that buyers may have exhausted their ability to further push the market higher. While buyers may still hold some control, sellers are preparing to challenge them. The Parabolic SAR (Stop and Reverse) indicator on the daily chart shows increasing strength in the downward direction. This suggests that the bullish momentum may be diminishing.
US 30-Day Short-Term Trend: Bearish
On the 4-hour chart, sellers are gaining control and seeking to drive the price lower. To achieve a breakout below the 35048.10 key level, stronger momentum is needed. Traders should remain vigilant and closely observe how price action unfolds as sellers challenge buyers.
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