Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. stock market surged on Tuesday, with the Dow Jones and S&P 500 indices making record highs. Besides, the Dow Jones indices exceeded 30000 points for the first time. Since the beginning of the month, the indicator has added 13% and can show the maximum monthly growth since 1987, notes CNBC. The S&P 500 and Nasdaq rose 11.2% and 10.3% in November, respectively. Investor optimism on Tuesday was connected with the news about the beginning of power transfer in the USA.
S&P 500, H4
Pivot: 3635.00
Analysis:
Provided that the index is traded above 3592.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 3635.00
- Take Profit 1: 3660.00
- Take Profit 2: 3690.00
Alternative scenario:
In case of breakdown of the level 3592.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 3592.00
- Take Profit 1: 3543.00
- Take Profit 2: 3518.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
Resistance | Support |
3750.00 | 3592.00 |
3690.00 | 3543.00 |
3660.00 | 3518.00 |
S&P 500, D1
Pivot: 3631.00
Analysis:
While the price is above 3515.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 3631.00
- 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:
Resistance | Support |
4070.00 | 3515.00 |
3900.00 | 3390.00 |
3745.00 | 3210.00 |