Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. stock market closed Thursday's trading with a decline amid negative dynamics from the commodities, oil and gas and technology sectors. The Dow Jones was down 0.94% at the close of trading on the New York Stock Exchange.
S&P 500, H4
Pivot: 4135.00
Analysis:
Provided that the index is traded below 4155.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 4135.00
- Take Profit 1: 4118.00
- Take Profit 2: 4097.00
Alternative scenario:
In case of breakout of the level 4155.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 4155.00
- Take Profit 1: 4180.00
- Take Profit 2: 4191.00
Comment:
RSI indicates a downtrend during the day.
Key levels:
| Resistance | Support |
| 4300.00 | 4120.00 |
| 4270.00 | 4070.00 |
| 4220.00 | 3970.00 |
S&P 500, D1
Pivot: 4135.00
Analysis:
While the price is above 4020.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 4135.00
- Take Profit 1: 4270.00
- Take Profit 2: 4385.00
Alternative scenario:
If the level 4020.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 4020.00
- Take Profit 1: 3950.00
- Take Profit 2: 3855.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
| Resistance | Support |
| 4191.00 | 4118.00 |
| 4180.00 | 4097.00 |
| 4155.00 | 4083.00 |
