Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. stock market fell on Tuesday after a rally the day before on news of another coronavirus vaccine being successfully tested. Dow Jones and the S&P 500 reached new record highs on Monday after U.S. biotech company Moderna Inc. reported its coronavirus vaccine efficiency of 94.5 percent.
S&P 500, H4
Pivot: 3618.00
Analysis:
Provided that the index is traded above 3579.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 3618.00
- Take Profit 1: 3645.00
- Take Profit 2: 3690.00
Alternative scenario:
In case of breakdown of the level 3579.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 3579.00
- Take Profit 1: 3552.00
- Take Profit 2: 3518.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 3750.00 | 3579.00 |
| 3690.00 | 3552.00 |
| 3645.00 | 3518.00 |
S&P 500, D1
Pivot: 3618.00
Analysis:
While the price is above 3515.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 3618.00
- 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 |
