Source: PaxForex Premium Analytics Portal, Technical Insight
U.S. stock indices were mixed at the close of trading on Wednesday, but technology stocks were up significantly and the Standard & Poor's 500 Index was near a record high. All three major indices were up for the month and the quarter, with the Dow Jones and S&P 500 having their best month since November.
S&P 500, H4
Pivot: 3984.00
Analysis:
Provided that the index is traded above 3945.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 3984.00
- Take Profit 1: 4012.00
- Take Profit 2: 4040.00
Alternative scenario:
In case of breakdown of the level 3945.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 3945.00
- Take Profit 1: 3910.00
- Take Profit 2: 3855.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 4200.00 | 3945.00 |
| 4040.00 | 3910.00 |
| 4012.00 | 3855.00 |
S&P 500, D1
Pivot: 3956.00
Analysis:
While the price is above 3820.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 3956.00
- Take Profit 1: 4040.00
- Take Profit 2: 4100.00
Alternative scenario:
If the level 3820.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 3820.00
- Take Profit 1: 3725.00
- Take Profit 2: 3580.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
| Resistance | Support |
| 4450.00 | 3820.00 |
| 4110.00 | 3725.00 |
| 4040.00 | 3580.00 |
