Source: PaxForex Premium Analytics Portal, Technical Insight
U.S. stock indices closed Thursday's trading higher after an initial decline. The Standard & Poor's 500 rose 20.38 points (0.52%) to 3909.52 points. Stocks of companies that depend on the easing of restrictions related to the coronavirus pandemic, including airline carriers and cruise operators, showed strong gains.
S&P 500, H4
Pivot: 3909.00
Analysis:
Provided that the index is traded above 3853.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 3909.00
- Take Profit 1: 3955.00
- Take Profit 2: 3983.00
Alternative scenario:
In case of breakdown of the level 3853.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 3853.00
- Take Profit 1: 3820.00
- Take Profit 2: 3779.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 4015.00 | 3853.00 |
| 3983.00 | 3820.00 |
| 3955.00 | 3779.00 |
S&P 500, D1
Pivot: 3930.00
Analysis:
While the price is above 3880.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 3930.00
- Take Profit 1: 3985.00
- Take Profit 2: 4100.00
Alternative scenario:
If the level 3880.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 3880.00
- Take Profit 1: 3815.00
- Take Profit 2: 3750.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
| Resistance | Support |
| 4450.00 | 3880.00 |
| 4100.00 | 3815.00 |
| 3985.00 | 3750.00 |
