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:

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: