Source: PaxForex Premium Analytics Portal, Technical Insight

On Tuesday, U.S. stock markets completed trading in the red zone on renewed concerns about the coronavirus situation in New York. New York Mayor Bill de Blasio said the share of tests for coronavirus with a positive result for the first time in recent months again exceeded 3%, writes CNBC.

S&P 500, H4

Pivot: 11328.00

Analysis:

Provided that the index is traded below 11490.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 11328.00
• Take Profit 1: 11150.00
• Take Profit 2: 11000.00

Alternative scenario: 

In case of breakout of the level 11490.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 11490.00
• Take Profit 1: 11745.00
• Take Profit 2: 12000.00

Comment:

RSI indicates a downtrend during the day.

Key levels:

S&P 500, D1

Pivot: 11317.58

Analysis:

While the price is below 11560.00, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 11317.58
• Take Profit 1: 10300.00
• Take Profit 2: 9730.00

Alternative scenario:

If the level 11560.00 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 11560.00
• Take Profit 1: 12440.00
• Take Profit 2: 13100.00

Comment:

RSI is bearish and indicates further decline.

Key levels: