Current trend 

S&P 500 index recovers losses after yesterday and is now trading near an important resistance level of 4/8 Murray or 2656.3. In case of its breakdown, the next target will be the level of 2675.8.

Market participants continue to monitor ten-year treasuries: if their profitability starts to grow again, the market will see a further decline. According to analysts' comments, a psychologically important barrier of 3% will be soon passed, so there is no reason to believe that the Fed will not raise the interest rate. The leaders of growth were the shares of Facebook, which yesterday added about 7% in view of excellent profit figures, which reached +63% for January-March and amounted to USD 4.99 billion. Earnings per share reached USD 1.69 against analysts' forecast of USD 1.35.

Today, investors will focus on important economic news from the US, such as the balance of foreign trade and orders for durable goods.

Support and resistance

Stochastic is at the level of 95 points and indicates the possible correction.

Resistance levels: 2656.3, 2675.8.

Support levels: 2636.7, 2617.2.

Trading tips

Short positions may be opened from the level of 4/8 Murray or 2656.3 with take-profit at 2636.7 mark and stop-loss at 2668.5.

S&P500 index of the American stock exchange

BuySellSpread
2815.52815.14

Scenario

TimeframeDay's Range
RecommendationsSELL LIMIT
Entry Point2656.3
Take Profit2636.7
Stop Loss2668.5
Support levels2617.2, 2636.7, 2675.8, 2656.3
SPX: general review

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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