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:

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: