Source: PaxForex Premium Analytics Portal, Technical Insight
U.S. stock indices reached record highs on Friday amid investors' hopes for new measures to support the U.S. economy. The Standard & Poor's 500 rose 18.45 points (0.47%) to 3,934.83 points.
S&P 500, H4
Pivot: 3951.00
Analysis:
Provided that the index is traded above 3880.50, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 3951.00
- Take Profit 1: 4000.00
- Take Profit 2: 4100.00
Alternative scenario:
In case of breakdown of the level 3880.50, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 3880.50
- Take Profit 1: 3815.00
- Take Profit 2: 3775.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 4170.00 | 3880.50 |
| 4100.00 | 3815.00 |
| 4000.00 | 3775.00 |
S&P 500, D1
Pivot: 3955.00
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 |
