Source: PaxForex Premium Analytics Portal, Technical Insight
At the close of trading on Wednesday, the U.S. stock indices did not show significant changes, but S&P 500 reached another record high. Investors weakly reacted to the Federal Open Market Committee (FOMC) minutes of March 16-17, which were published yesterday by the Federal Reserve System. The Dow Jones Industrial Average index was up 16.02 points (0.05%) at 33446.26 by market close.
Dow Jones 30, H4
Pivot: 33400.00
Analysis:
Provided that the index is traded above 33200.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 33400.00
- Take Profit 1: 33720.00
- Take Profit 2: 34000.00
Alternative scenario:
In case of breakdown of the level 33200.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 33200.00
- Take Profit 1: 32900.00
- Take Profit 2: 32700.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 34200.00 | 33200.00 |
| 34000.00 | 32900.00 |
| 33720.00 | 32700.00 |
Dow Jones 30, D1
Pivot: 33005.00
Analysis:
While the price is above 32000.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 33005.00
- Take Profit 1: 34100.00
- Take Profit 2: 34750.00
Alternative scenario:
If the level 32000.00 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 32000.00
- Take Profit 1: 30880.00
- Take Profit 2: 29850.00
Comment:
RSI is bullish and indicates a mid-term uptrend.
Key levels:
| Resistance | Support |
| 37125.00 | 32000.00 |
| 34750.00 | 30880.00 |
| 34100.00 | 29850.00 |
