Source: PaxForex Premium Analytics Portal, Technical Insight

U.S. stock indices changed in different directions following the trading results on Wednesday: Dow Jones and S&P 500 rose, while Nasdaq declined slightly. Meanwhile, the S&P 500 updated its record high for the second consecutive day.

Nasdaq 100, H4

Pivot: 12442.00

Analysis:

Provided that the index is traded above 12340.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 12442.00
• Take Profit 1: 12510.00
• Take Profit 2: 12600.00

Alternative scenario: 

In case of breakdown of the level 12340.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 12340.00
• Take Profit 1: 12240.00
• Take Profit 2: 12090.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Nasdaq 100, D1

Pivot: 12455.00

Analysis:

While the price is above 11820.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 12455.00
• Take Profit 1: 13100.00
• Take Profit 2: 13800.00

Alternative scenario:

If the level 11820.00 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 11820.00
• Take Profit 1: 11500.00
• Take Profit 2: 10960.00

Comment:

RSI is bullish and indicates further increase.

Key levels: