Source: PaxForex Premium Analytics Portal, Technical Insight

U.S. stock indices declined in trading on Monday due to investors' reluctance to open new positions at the start of a week full of quarterly company reports and economic statistics. The S&P 500 declined 0.81 points (0.02%) to 4127.99 points.

S&P 500, H4

Pivot: 4128.00

Analysis:

Provided that the index is traded above 4100.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 4128.00
• Take Profit 1: 4140.00
• Take Profit 2: 4170.00

Alternative scenario: 

In case of breakdown of the level 4100.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 4100.00  
• Take Profit 1: 4065.00
• Take Profit 2: 4035.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

S&P 500, D1

Pivot: 4128.00

Analysis:

While the price is above 3980.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 4128.00
• Take Profit 1: 4160.00
• Take Profit 2: 4270.00

Alternative scenario:

If the level 3980.00 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 3980.00
• Take Profit 1: 3855.00
• Take Profit 2: 3725.00

Comment:

RSI is bullish and indicates further increase.

Key levels: