Source: PaxForex Premium Analytics Portal, Technical Insight

U.S. stock indices showed no single pattern in Wednesday's trading after the conclusion of a two-day meeting of the U.S. Federal Reserve. The Dow Jones index declined, while the S&P 500 and Nasdaq rose. The Standard & Poor's 500 rose 6.55 points (0.18%) to 3,701.17 points.

S&P 500, H4

Pivot: 3701.00

Analysis:

Provided that the index is traded above 3678.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 3701.00
• Take Profit 1: 3712.00
• Take Profit 2: 3740.00

Alternative scenario: 

In case of breakdown of the level 3678.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 3678.00
• Take Profit 1: 3660.00
• Take Profit 2: 3633.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

S&P 500, D1

Pivot: 3701.00

Analysis:

While the price is above 3515.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 3701.00
• Take Profit 1: 3745.00
• Take Profit 2: 3900.00

Alternative scenario:

If the level 3515.00 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 3515.00
• Take Profit 1: 3390.00
• Take Profit 2: 3210.00

Comment:

RSI is bullish and indicates further increase.

Key levels: