Looking at the US30 index from a technical perspective, an upward trend has been in place for quite some time. As for the D1 interval, last week the index exceeded the key resistance level of 45,160 points. The zone at this level resulted from previous, multiple price reactions. After many tests, with another consecutive attack, the resistance was broken, followed by a test from the other side (retest). According to the classic assumptions of technical analysis, the main trend therefore remains upward, and the potential range of the next impulse is as high as 47,477 points, where the external measurement of 127.2% of the last major downward correction falls - the blue Fibonacci grid. Of course, for this scenario to succeed, the price must remain above the aforementioned zone of 45,160 points. However, if the price falls below this level, the recent breakout would have to be considered false, which could lead to a deeper correction, e.g., to the EMA100 average - the blue line on the chart.
US30 interval D1. Source: xStation5
As for the lower time interval - H1, the price has been on an upward trend since the beginning of August. The last two corrections were of identical range, which, according to the Overbalance methodology, indicates that the upward trend is continuing. Currently, a double top formation is developing in the short term, but as long as the price does not negate the aforementioned 1:1 geometry, the upward trend remains valid. Earlier, attention should also be paid to the EMA100 average at 45460 points, which may provide short-term support.
US30 H1 interval. Source: xStation5
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