Source: PaxForex Premium Analytics Portal, Technical Insight

On Wednesday, the U.S. stock indices closed with a mixed momentum, with the S&P 500 and Nasdaq rising, while the Dow Jones dropped slightly after a two-day rise. The Standard & Poor's 500 rose 27.13 points (0.77%) to 3572.66 points. Goldman Sachs experts have raised the forecast of the stock index Standard & Poor's 500 at the end of this year to 3700 points from previously expected 3600 points. At the end of trading on Tuesday, its value was 3545.53 points. They also expect the S&P 500 to rise to 4300 points by the end of next year, as well as to reach 4600 points by the end of 2022.

S&P 500, H4

Pivot: 3563.00

Analysis:

Provided that the index is traded above 3510.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 3563.00
• Take Profit 1: 3645.00
• Take Profit 2: 3690.00

Alternative scenario: 

In case of breakdown of the level 3510.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 3510.00
• Take Profit 1: 3440.00
• Take Profit 2: 3385.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

S&P 500, D1

Pivot: 3567.27

Analysis:

While the price is above 3515.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 3567.27
• 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: