Source: PaxForex Premium Analytics Portal, Technical Insight
U.S. stock indexes closed more than 1% higher Thursday, with the S&P 500 and Nasdaq hitting record closing highs after another string of encouraging company reports and data indicating that the U.S. labor market may be stabilizing. The Dow and S&P 500 rose for a fourth straight day, and investor hopes for further progress in reconciling stimulus to combat the effects of the pandemic also supported the market.
Nasdaq 100, H4
Pivot: 13655.00
Analysis:
Provided that the index is traded below 13770.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 13655.00
- Take Profit 1: 13530.00
- Take Profit 2: 13400.00
Alternative scenario:
In case of breakout of the level 13770.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 13770.00
- Take Profit 1: 13900.00
- Take Profit 2: 13995.00
Comment:
RSI indicates a downtrend during the day.
Key levels:
| Resistance | Support |
| 13995.00 | 13530.00 |
| 13900.00 | 13400.00 |
| 13770.00 | 13275.00 |
Nasdaq 100, D1
Pivot: 13687.00
Analysis:
While the price is above 12750.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 13687.00
- Take Profit 1: 13800.00
- Take Profit 2: 14600.00
Alternative scenario:
If the level 12750.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 12750.00
- Take Profit 1: 12200.00
- Take Profit 2: 11500.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
| Resistance | Support |
| 15000.00 | 12750.00 |
| 14600.00 | 12200.00 |
| 13800.00 | 11500.00 |
