Source: PaxForex Premium Analytics Portal, Technical Insight
On Monday, the American stock indices closed with mixed dynamics, at which the S&P 500 and Nasdaq Composite reached record closing levels. The Standard & Poor's 500 rose 13.89 points (0.36%) to 3,855.36 points.
S&P 500, H4
Pivot: 3850.00
Analysis:
Provided that the index is traded above 3815.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 3850.00
- Take Profit 1: 3861.00
- Take Profit 2: 3900.00
Alternative scenario:
In case of breakdown of the level 3815.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 3815.00
- Take Profit 1: 3785.00
- Take Profit 2: 3750.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
Resistance | Support |
4020.00 | 3815.00 |
3900.00 | 3785.00 |
3861.00 | 3750.00 |
S&P 500, D1
Pivot: 3855.00
Analysis:
While the price is above 3589.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 3855.00
- Take Profit 1: 3900.00
- Take Profit 2: 4070.00
Alternative scenario:
If the level 3589.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 3589.00
- Take Profit 1: 3484.00
- Take Profit 2: 3330.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
Resistance | Support |
4349.00 | 3589.00 |
4070.00 | 3484.00 |
3900.00 | 3330.00 |