Source: PaxForex Premium Analytics Portal, Technical Insight
Wall Street's major stock indices rose in early Wednesday trading as comments from Federal Reserve officials eased concerns about accelerating inflation and a decline in government bond yields supported big tech stocks. The S&P 500 Index rose 0.25% to 4,198.7 points.
S&P 500, H4
Pivot: 4190.00
Analysis:
Provided that the index is traded above 4170.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 4190.00
- Take Profit 1: 4236.00
- Take Profit 2: 4275.00
Alternative scenario:
In case of breakdown of the level 4170.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 4170.00
- Take Profit 1: 4122.00
- Take Profit 2: 4085.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 4300.00 | 4170.00 |
| 4275.00 | 4122.00 |
| 4236.00 | 4085.00 |
S&P 500, D1
Pivot: 4164.00
Analysis:
While the price is above 4055.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 4164.00
- Take Profit 1: 4236.00
- Take Profit 2: 4385.00
Alternative scenario:
If the level 4055.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 4055.00
- Take Profit 1: 4030.00
- Take Profit 2: 3950.00
Comment:
RSI is bullish and indicates further increase.
Key levels:
| Resistance | Support |
| 4485.00 | 4055.00 |
| 4385.00 | 4000.00 |
| 4236.00 | 3950.00 |
