Source: PaxForex Premium Analytics Portal, Technical Insight
U.S. stock indices closed Thursday's trading without a single dynamic. The Standard & Poor's 500 index declined by 4.72 points (0.13%) to 3,668.1 points. The market was pressured by a larger-than-expected increase in jobless claims, as well as the lack of tangible progress in the negotiations of lawmakers on a new package of economic support measures. At the same time, hopes for the imminent introduction of COVID-19 vaccines support investor sentiment.
S&P 500, H4
Pivot: 3669.00
Analysis:
Provided that the index is traded below 3695.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 3669.00
- Take Profit 1: 3645.00
- Take Profit 2: 3625.00
Alternative scenario:
In case of breakout of the level 3695.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 3695.00
- Take Profit 1: 3710.00
- Take Profit 2: 3740.00
Comment:
RSI indicates a downtrend during the day.
Key levels:
| Resistance | Support |
| 3740.00 | 3645.00 |
| 3710.00 | 3625.00 |
| 3695.00 | 3595.00 |
S&P 500, D1
Pivot: 3688.00
Analysis:
While the price is above 3515.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 3688.00
- Take Profit 1: 3745.00
- Take Profit 2: 3900.00
Alternative scenario:
If the level 3515.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 3515.00
- Take Profit 1: 3390.00
- Take Profit 2: 3210.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
| Resistance | Support |
| 4070.00 | 3515.00 |
| 3900.00 | 3390.00 |
| 3745.00 | 3210.00 |
