Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. stock market ended the trading environment with a drop in the negative dynamics of the telecommunications, consumer services and finance sectors. At the close of the NYSE, the S&P 500 index fell by 0.66%.
S&P 500, H4
Pivot: 3494.00
Analysis:
Provided that the index is traded below 3506.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 3494.00
- Take Profit 1: 3447.00
- Take Profit 2: 3423.00
Alternative scenario:
In case of breakout of the level 3506.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 3506.00
- Take Profit 1: 3527.00
- Take Profit 2: 3550.00
Comment:
RSI indicates a downtrend during the day.
Key levels:
Resistance | Support |
3550.00 | 3447.00 |
3527.00 | 3423.00 |
3506.00 | 3401.00 |
S&P 500, D1
Pivot: 3495.50
Analysis:
While the price is above 3390.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 3495.50
- Take Profit 1: 3588.00
- Take Profit 2: 3745.00
Alternative scenario:
If the level 3390.00 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 3390.00
- Take Profit 1: 3305.00
- Take Profit 2: 3210.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
Resistance | Support |
3900.00 | 3390.00 |
3745.00 | 3305.00 |
3588.00 | 3210.00 |