US 500 index (Cash) is consolidating just below its newly formed all-time high of 3,674, finding some stability from its red Tenkan-sen line, marginally below at 3,601. The simple moving averages (SMAs) are maintaining an unbroken bullish tone endorsing further advances. However, the flattening out of the blue-Kijun-sen line and the stalling in the climb of the red Tenkan-sen line are signalling near-term fading in the pair.
The short-term oscillators suggest some easing in the upward momentum. The MACD is hovering above its red trigger line in the positive region, while the RSI, though pointing downwards, is floating in bullish territory. Additionally, the stochastic oscillator appears to be shifting negative, sponsoring a price retracement from the all-time high area.
Steering the price below the red Tenkan-sen line at 3,601 may encounter early support from the area of 3,511-3,545. Sliding below this key initial zone, the index may meet downside hindrance from the 3,463 barrier, which is reinforced by the flat blue Kijun-sen line and the 50-day SMA barely beneath. Steeper declines could stretch the retreat towards the 100-day SMA at 3,405, overlapping with the Ichimoku cloud. Even further deterioration in the index could then challenge the support base of 3,197-3,233, before the 200-day SMA at 3,157 comes into play.
Otherwise, if buyers manage to step over the resistance trench of 3,656-3,674, involving the fresh all-time high of 3,674, they may drive the index towards the uncharted 3,780 level, that being the 150.0% Fibonacci extension of the down leg from 3,588 to 3,209. Persistent navigation into unexplored regions may send the index towards the 161.8% Fibo extension of 3,824 and the 3,900 round number.
Concluding, the US 500 index sustains a neutral-to-bullish tone above 3,463 in the short-term picture. Primarily holding above the 3,511-3,545 region could propel the index to new peaks.