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Abstract：IG's analysis reveals the US 100 Stock Index maintaining its upward trend in 2023. However, market indicators hint at potential bearish triggers
IG, the leading trading platform, has highlighted that the US 100 stock index is maintaining its positive momentum. Despite a bearish doji lingering at the top of the 2023 uptrend, the technical analysis reveals that the index continues to cling to its upward trajectory.
Last Friday, the US 100 stock index made an encouraging leap, surpassing its 20-day simple moving average (SMA) at 15,450 and June's high of 15,280. This trend has consolidated the market's confidence in the index's upward trajectory in 2023.
The optimism has, in fact, shifted the market's focus to July's 1½-year high of 15,896. Bulls in the market might even venture towards setting a new higher high near the resistance line from February at 16,140, provided the 20-day SMA at 15,460 maintains its stance.
The IG's technical analysis indicates that if the US 100 index continues to climb, it could assess the 2021 ceiling of 16,585 – 15,767 before setting sail into uncharted territory. In this scenario, the psychological barrier of 17,000 might become the center of attraction for traders.
However, the RSI and MACD indicators present a somewhat contrasting view, showing no clear direction, in contrast to the bullish scenario.
Despite the current uptrend, sellers remain cautious, with entry anticipated only if the price dips below its 20-day SMA at 15,460. A drop below the nearby support of 15,695 could be the trigger for this. If a downward trend persists, the 50-day SMA might provide a buffer to the downward pressures around 15,040. Further down, the constraining area between 14,785-14,670 could present a barrier, with a faster decline toward the 14,215 mark possible.
Summing up IG's technical analysis, the US 100 stock index continues to project a positive short- to medium-term outlook as the uptrend shows no significant signs of fracture. However, a break below 15,460 could potentially trigger a bearish action in the market.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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