Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock market declined yesterday. Investors were waiting for Washington to signal progress in discussions on a new stimulus package.
Disagreements between members of Congress and the White House over additional stimulus measures continued to put pressure on the market, overshadowing earnings reports, and relatively optimistic economic data.

Dow Jones 30, H4

Pivot: 28300.00

Analysis:

Provided that the index is traded below 28575.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 28300.00
• Take Profit 1: 27720.00
• Take Profit 2: 27380.00

Alternative scenario: 

In case of breakout of the level 28575.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 28575.00
• Take Profit 1: 28840.00
• Take Profit 2: 28950.00

Comment:

RSI indicates a downtrend during the day.

Key levels:

Dow Jones 30, D1

Pivot: 28306.00

Analysis:

While the price is above 27200.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 28306.00
• Take Profit 1: 29550.00
• Take Profit 2: 30800.00

Alternative scenario:

If the level 27200.00 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 27200.00
• Take Profit 1: 26540.00
• Take Profit 2: 25950.00

Comment:

RSI is bullish and indicates further increase.

Key levels: