Source: PaxForex Premium Analytics Portal, Technical Insight

U.S. stock indices closed trading on Monday with a decline but showed record monthly growth and November dynamics.
According to investors, the main drivers of the recent market growth were two factors: the development of three COVID-19 vaccines, which gave hope that the economic turmoil caused by the coronavirus pandemic will come to naught in 2021, and the easing of political uncertainty after the presidential elections in the United States.

S&P 500, H4

Pivot: 3638.00

Analysis

Provided that the index is traded above 3595.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 3638.00
• Take Profit 1: 3660.00
• Take Profit 2: 3690.00

Alternative scenario: 

In case of breakdown of the level 3595.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 3595.00
• Take Profit 1: 3576.00
• Take Profit 2: 3552.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

S&P 500, D1

Pivot: 3623.00

Analysis:

While the price is above 3210.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 3623.00
• Take Profit 1: 3900.00
• Take Profit 2: 4110.00

Alternative scenario:

If the level 3210.00 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 3210.00
• Take Profit 1: 3009.00
• Take Profit 2: 2730.00

Comment:

RSI is bullish and indicates further increase.

Key levels: