Summary:
- US100 trades close to the all time highs
- Clear, upward trend present on the chart
- Risk of correction increases
Starting with D1 interval, an upward move started 4th of June can be easily spotted. The index moved 800 points higher with the biggest correction having range of just 175 points . It may mean that the demand-side is strengthening, but one should keep in mind that after such a rapid gains risk of bigger correction increases. Of course, the trend is upward but e neither sell, nor buy signals can be spotted on D1 chart at the moment. Given that the index is trading close to the all-time highs, staying patient and waiting for clear buy or sell signals seems to be a wise move Beginning of the correction or a break to fresh ATH could be such a signal. 
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appOn the H4 interval uptrend is apparent as well. A break below the 7600 pts handle could invalidate the bullish scenario as this is the nearest key support to watch. In case a break lower occurs, a bigger decline may be on the cards. Prior to that, we should pay attention to the 7645 handle as it marks the range of the largest correction during this upward impulse. However, as long as we are above those levels trend is upward and bulls seem to be in markets’ favour.
Source: xStation5
Moving onto the intraday frame - H1 - we can see that levels are exactly the same as on H4 interval. The upward move clearly slowed down on Friday, and today we are still waiting for the US open. However, futures markets points to a higher opening. With no important macroeconomic US data scheduled for today, the scope for rapid and big market moves is limited. Currently the price tests the moving average. In case it fails to fend off the bears, sellers may target the levels from H4 interval - 7700 and 7645.
Source: xStation5
