The US 100 stock index (cash) is calling new all-time highs ahead of the Nonfarm payrolls report due later today as the price has yet to reach the edge of the overbought zone in the daily chart; the RSI has yet to peak above 70 and the Stochastics keep strengthening towards the 80 level.
The next stop could be near the 10,650 level taken from the 161.8% Fibonacci extension of the latest negative correction (from 10,346 to 9,820).
Alternatively, the index could retest the blue Kijun-sen line around 9,820 which stood as a crucial support to downside corrections this month. A successful violation at this point could generate additional losses towards the 50-day simple moving average (SMA) around 9,520 and the 9,385 barrier. Beneath the latter, the 9,155 mark might retry to defend the market.
In brief, the US 100 stock index is expected to unlock new record highs in the short-term, likely around 10,650.Â
