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US30 Breaks Range as Buyers Continue to Push Higher

October 18, 2022
by Joseph Jeffriess, Market Analyst

Hi, and welcome to today’s update. Focus today on the US30 as buyers continue to push the case for a new up leg.

In today’s video, we run over price action that proceeded with the move and the battle we watched last Friday and yesterday as traders tried to hold and move passed 30,000. The break above resistance in today’s Asian session is a great sign, and we want to see buyers hold this move or continue it to confirm today’s move.

If buyers can continue to push the market higher, we would like to see new higher highs and higher lows that show bullish control. If we see a fade in today’s NY session that closes back below 30,300 or 30,000, this would be a worrying sign that we could see the range continue.

Buying has been broad so far today in the out of hours, with the SPX500 and NDX100 seeing solid gains. This is a good sign that buying interest is firm and wide across the indexes.

Let’s see if buyers can carry momentum forward into today’s NY session.

US30 Analysis Video (Powered by TradingView)

 

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