Source: PaxForex Premium Analytics Portal, Technical Insight

Alphabet (NASDAQ: GOOGL) shares rallied after strong reporting pushed the S&P 500 Index to a record high and supported the Nasdaq Index. Shares of Google  Alphabet Inc rose 5.4% after reporting record second consecutive quarter earnings and announcing a $50 billion share buyback.

S&P 500, H4

Pivot: 4186.00

Analysis:

Provided that the index is traded above 4167.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 4186.00
• Take Profit 1: 4209.50
• Take Profit 2: 4225.00

Alternative scenario: 

In case of breakdown of the level 4167.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 4167.00   
• Take Profit 1: 4155.00
• Take Profit 2: 4118.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

S&P 500, D1

Pivot: 4186.00

Analysis:

While the price is above 4020.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 4186.00
• Take Profit 1: 4270.00
• Take Profit 2: 4385.00

Alternative scenario:

If the level 4020.00 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 4020.00 
• Take Profit 1: 3950.00
• Take Profit 2: 3855.00

Comment:

RSI is bullish and indicates further increase.

Key levels: