Upwards trend observed in the USA30, driven by better-than-expected initial and continuing jobless claims and building permits, despite the worse-than-expected housing start and Fed manufacturing survey. The USA30 is also assisted by the WalMart announcement, which recorded the highest earnings in a decade.
The index has already broken the 25,414 resistance level (Fib 61.8%) and is moving towards the highest level at 25,665. The next resistance level appears to be at about 25,498, very close to the current trading value. If the index breaks through the resistance level then next key number should lie at approximately 25,600.
The bullish movement is also supported by the MACD indicator.
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Dr Nektarios Michail
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