Source: PaxForex Premium Analytics Portal, Technical Insight
U.S. stock indices rebounded on Thursday amid expectations of new stimulus after data indicated a slowdown in labor market recovery.
S&P 500, H4
Pivot: 3330.00
Analysis:
Provided that the index is traded below 3340.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 3330.00
- Take Profit 1: 3255.00
- Take Profit 2: 3200.00
Alternative scenario:
In case of breakout of the level 3340.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 3340.00
- Take Profit 1: 3396.00
- Take Profit 2: 3428.00
Comment:
RSI indicates a downtrend during the day.
Key levels:
| Resistance | Support |
| 3340.00 | 3255.00 |
| 3396.00 | 3200.00 |
| 3428.00 | 3150.00 |
S&P 500, D1
Pivot: 3220.00
Analysis:
While the price is below 3425.00, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 3220.00
- Take Profit 1: 3130.00
- Take Profit 2: 2730.00
Alternative scenario:
If the level 3425.00 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 3425.00
- Take Profit 1: 3588.00
- Take Profit 2: 3805.00
Comment:
RSI is bearish and indicates further decline.
Key levels:
| Resistance | Support |
| 3805.00 | 3130.00 |
| 3588.00 | 2730.00 |
| 3425.00 | 2560.00 |
