Source: PaxForex Premium Analytics Portal, Technical Insight
U.S. stock indices rose on Tuesday for the second trading session in a row on news about progress in the U.S. vaccination campaign. The Standard & Poor's 500 rose 52.45 points (1.39%) to 3,826.31 points.
S&P 500, H4
Pivot: 3838.00
Analysis:
Provided that the index is traded above 3791.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 3838.00
- Take Profit 1: 3865.00
- Take Profit 2: 3910.00
Alternative scenario:
In case of breakdown of the level 3791.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 3791.00
- Take Profit 1: 3743.00
- Take Profit 2: 3695.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 4000.00 | 3791.00 |
| 3910.00 | 3743.00 |
| 3865.00 | 3695.00 |
S&P 500, D1
Pivot: 3837.00
Analysis:
While the price is above 3690.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 3837.00
- Take Profit 1: 3870.00
- Take Profit 2: 4070.00
Alternative scenario:
If the level 3690.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 3690.00
- Take Profit 1: 3589.00
- Take Profit 2: 3484.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
| Resistance | Support |
| 4349.00 | 3690.00 |
| 4070.00 | 3589.00 |
| 3870.00 | 3484.00 |
