Source: PaxForex Premium Analytics Portal, Technical Insight
U.S. stock indices closed Monday's trading at record highs thanks to the growth in energy sector stocks and investors' hopes for a new package of measures to support the U.S. economy. The Standard & Poor's 500 rose 28.76 points (0.74%) to a record 3,915.59 points.
S&P 500, H4
Pivot: 3908.00
Analysis:
Provided that the index is traded above 3870.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 3908.00
- Take Profit 1: 3935.00
- Take Profit 2: 3970.00
Alternative scenario:
In case of breakdown of the level 3870.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 3870.00
- Take Profit 1: 3845.00
- Take Profit 2: 3817.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 4000.00 | 3870.00 |
| 3970.00 | 3845.00 |
| 3935.00 | 3817.00 |
S&P 500, D1
Pivot: 3905.00
Analysis:
While the price is above 3690.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 3905.00
- Take Profit 1: 4110.00
- Take Profit 2: 4260.00
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 |
| 4450.00 | 3690.00 |
| 4260.00 | 3589.00 |
| 4110.00 | 3484.00 |
