Source: PaxForex Premium Analytics Portal, Technical Insight

U.S. stock indices did not show a single trend at Friday's trading results as there was no progress in agreeing on new measures to support the U.S. economy. According to Seven Points Capital partner Mike Katz, market participants took a "wait-and-see" position. He noted that any news about the incentives leads to movement on the market, "but nothing follows, because we don't have a clear picture on this issue." U.S. Treasury Secretary Steven Mnuchin said Friday that despite significant progress in agreeing on new incentives, important issues remain, and work is continuing.

S&P 500, H4

Pivot: 3465.39

Analysis:

Provided that the index is traded below 3480.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 3456.39
• Take Profit 1: 3415.00
• Take Profit 2: 3370.00

Alternative scenario: 

In case of breakout of the level 3480.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 3480.00
• Take Profit 1: 3515.00
• Take Profit 2: 3550.00

Comment:

RSI indicates a downtrend during the day.

Key levels:

S&P 500, D1

Pivot: 3459.03

Analysis:

While the price is above 3390.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 3459.03
• Take Profit 1: 3588.00
• Take Profit 2: 3745.00

Alternative scenario:

If the level 3390.00 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 3390.00
• Take Profit 1: 3305.00
• Take Profit 2: 3210.00

Comment:

RSI is bullish and indicates further increase.

Key levels: