Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. stock market was up in trading Wednesday, with the Dow Jones Industrial Average hitting a record high after Federal Reserve Chairman Jerome Powell signaled that the regulator was not going to change the course of monetary policy. The Standard & Poor's 500 rose 44.06 points (1.14%) to 3,925.43 points.
S&P 500, H4
Pivot: 3925.00
Analysis:
Provided that the index is traded above 3895.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 3925.00
- Take Profit 1: 3950.00
- Take Profit 2: 3970.00
Alternative scenario:
In case of breakdown of the level 3895.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 3895.00
- Take Profit 1: 3875.00
- Take Profit 2: 3857.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
Resistance | Support |
4000.00 | 3895.00 |
3970.00 | 3875.00 |
3950.00 | 3857.00 |
S&P 500, D1
Pivot: 3925.00
Analysis:
While the price is above 3865.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 3925.00
- Take Profit 1: 4110.00
- Take Profit 2: 4260.00
Alternative scenario:
If the level 3865.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 3865.00
- Take Profit 1: 3780.00
- Take Profit 2: 3695.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
Resistance | Support |
4450.00 | 3865.00 |
4260.00 | 3780.00 |
4110.00 | 3695.00 |