Source: PaxForex Premium Analytics Portal, Technical Insight

U.S. stock indices showed weak and mixed trends in trading Thursday, but the Standard & Poor's 500 and Nasdaq Composite managed to reach new records. Investor optimism about stronger-than-expected corporate reporting is offset by signs that the labor market still can't recover. Despite a choppy start to 2021, the U.S. stock market has mostly continued to rise in recent days, with all three major indexes adding 2% or more since the beginning of the year. It is partly due to expectations of a further economic recovery under the new administration of Joe Biden, who took office as U.S. president on Wednesday. The Nasdaq Composite added 73.67 points (0.55%) to 13530.91 points.

Nasdaq 100, H4 

Pivot: 13431.00

Analysis:

Provided that the index is traded above 13140.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 13431.00
• Take Profit 1: 13545.00
• Take Profit 2: 13680.00

Alternative scenario: 

In case of breakout of the level 13140.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 13140.00
• Take Profit 1: 13010.00
• Take Profit 2: 112860.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Nasdaq 100, D1

Pivot: 12996.00

Analysis:

While the price is above 12170.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 12996.00
• Take Profit 1: 13800.00
• Take Profit 2: 14000.00

Alternative scenario:

If the level 12170.00 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 12170.00
• Take Profit 1: 11500.00
• Take Profit 2: 10960.00

Comment:

RSI is bullish and indicates further increase.

Key levels: