Source: PaxForex Premium Analytics Portal, Technical Insight
Wall Street's main indices rebounded on Thursday after a three-day decline, driven by advances in technology stocks, as the smallest weekly jobless claims since the start of the pandemic recession boosted appetite for risk. The Dow Jones index rose 0.51% to 34,067.55 points.
S&P 500, H4
Pivot: 4165.00
Analysis:
Provided that the index is traded above 4127.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 4165.00
- Take Profit 1: 4205.00
- Take Profit 2: 4236.00
Alternative scenario:
In case of breakdown of the level 4127.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 4127.00
- Take Profit 1: 4087.00
- Take Profit 2: 4056.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 4265.00 | 4127.00 |
| 4236.00 | 4087.00 |
| 4205.00 | 4056.00 |
S&P 500, D1
Pivot: 4163.00
Analysis:
While the price is above 4055.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 4163.00
- Take Profit 1: 4236.00
- Take Profit 2: 4385.00
Alternative scenario:
If the level 4055.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 4055.00
- Take Profit 1: 4030.00
- Take Profit 2: 3950.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
| Resistance | Support |
| 4485.00 | 4055.00 |
| 4385.00 | 4000.00 |
| 4236.00 | 3950.00 |
