Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. stock market closed Friday's trading with growth due to the strengthening of the oil and gas, technology and consumer services sectors. The S&P 500 Index was up 1.49% at the close of trading on the New York Stock Exchange.
S&P 500, H4
Pivot: 4165.00
Analysis:
Provided that the index is traded above 4155.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 4165.00
- Take Profit 1: 4215.00
- Take Profit 2: 4250.00
Alternative scenario:
In case of breakdown of the level 4155.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 4155.00
- Take Profit 1: 4125.00
- Take Profit 2: 4050.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 4300.00 | 4125.00 |
| 4250.00 | 4050.00 |
| 4215.00 | 4025.00 |
S&P 500, D1
Pivot: 4178.00
Analysis:
While the price is above 4115.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 4178.00
- Take Profit 1: 4270.00
- Take Profit 2: 4385.00
Alternative scenario:
If the level 4115.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 4115.00
- Take Profit 1: 4030.00
- Take Profit 2: 3950.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
| Resistance | Support |
| 4450.00 | 4115.00 |
| 4385.00 | 4030.00 |
| 4270.00 | 3950.00 |
