US Wall Street 30 Is in a Downtrend but Struggles Below 34000

Key Resistance Zones: 31500, 32000, 32500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Bearish
US Wall Street 30 is in an upward correction as it struggles below 34000. Buyers could not sustain the bullish momentum above level 34000 as the market reached an overbought region . US30USD has fallen below the 21-day line SMA but above the 50-day line SMA. The current upward correction may continue if the bulls break above the 21-day line SMA. However, if the bears break below the 50-day line SMA, the selling pressure will resume. In the meantime, the index will be fluctuating between the moving average lines.

Daily Chart Indicators Reading:
US30USD is at level 53 of the Relative Strength Index for period 14. The index is in the uptrend zone despite the retracement from the overbought region. US Wall Street 30 will be compelled to a range-bound move as the price bars are between the moving average lines. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend.


US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is in a downward correction as price breaks below the moving average lines. The bulls could not break the overhead resistance at level 34250, hence the decline. The index price bars are between the moving average lines.

4-hour Chart Indicators Reading
US30USD is below the 80 % range of the daily stochastic. It implies that the market is in a bearish momentum. Sellers will emerge to push prices down. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend.


General Outlook for US Wall Street 30 (US30USD)
US30USD is still in the downward correction as it struggles below 34000. The upward move is facing rejection at the recent high.

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