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:

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: