Source: PaxForex Premium Analytics Portal, Technical Insight

The Senate passed a $1.4 trillion spending bill that would fund the government through September.
President-elect Joe Biden has made it clear that he will push for a new stimulus package as soon as he is sworn in. Lawmakers from both parties acknowledged the shortcomings of the deal, which leaves unanswered questions about local government funding and the potential liability of companies to their employees who contract the coronavirus.

S&P 500, H4

Pivot: 3694.00

Analysis:

Provided that the index is traded below 3707.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 3694.00
• Take Profit 1: 3676.00
• Take Profit 2: 3665.00

Alternative scenario: 

In case of breakout of the level 3707.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 3707.00
• Take Profit 1: 3726.00
• Take Profit 2: 3745.00

Comment:

RSI indicates a downtrend during the day.

Key levels:

S&P 500, D1

Pivot: 3686.00

Analysis:

While the price is above 3515.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 3686.00
• 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: