Source: PaxForex Premium Analytics Portal, Technical Insight

U.S. stock indices closed Wednesday's trading at record highs after the inauguration of U.S. President-elect Joe Biden, who became the 46th president of the country. The Standard & Poor's 500 rose 52.94 points (1.39 percent) to 3,851.85 points.

S&P 500, H4

Pivot: 3855.00

Analysis:

Provided that the index is traded above 3816.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 3855.00
• Take Profit 1: 3894.00
• Take Profit 2: 3919.00

Alternative scenario: 

In case of breakdown of the level 3816.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 3816.00
• Take Profit 1: 3780.00
• Take Profit 2: 3749.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

S&P 500, D1

Pivot: 3857.00

Analysis:

While the price is above 3589.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 3857.00
• Take Profit 1: 3900.00
• Take Profit 2: 4070.00

Alternative scenario:

If the level 3589.00 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 3589.00
• Take Profit 1: 3484.00
• Take Profit 2: 3330.00

Comment:

RSI is bullish and indicates further increase.

Key levels: