Trading Analysis of S&P 500 Index
Trading Analysis of S&P 500 Index
Written by: PaxForex analytics dept - Thursday, 17 December 2020 0 comments
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:
Resistance | Support |
3820.00 | 3678.00 |
3740.00 | 3660.00 |
3712.00 | 3633.00 |
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:
Resistance | Support |
4070.00 | 3515.00 |
3900.00 | 3390.00 |
3745.00 | 3210.00 |