Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock market completed trading Thursday with growth due to the strengthening of the utilities, raw materials, and telecommunications sectors. At the close of the NYSE, the S&P 500 index rose 0.30 percent.

S&P 500, H4

Pivot: 3246.59

Analysis:

Provided that the index is traded above 3209.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 3246.59
• Take Profit 1: 3325.00
• Take Profit 2: 3375.00

Alternative scenario: 

In case of breakout of the level 3209.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 3209.00
• Take Profit 1: 3175.00
• Take Profit 2: 3135.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

S&P 500, D1

Pivot: 3242.79

Analysis:

While the price is below 3425.00, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 3242.79
• Take Profit 1: 3130.00
• Take Profit 2: 2965.00

Alternative scenario:

If the level 3425.00 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 3425.00
• Take Profit 1: 3588.00
• Take Profit 2: 3805.00

Comment:

RSI is bearish and indicates further decline.

Key levels: