Current trend

The S&P 500 index keeps gradually falling and is currently trading at the level of 2636.7.

The decline in the instrument was caused by a statement from the US Fed that the regulator is still planning to raise interest rates at least twice before the end of the year, as it expects inflation to continue growing and to exceed its 2% target soon. Despite a recent slowdown in the pace of the GDP growth, the American economy remains strong and its further growth is determined by good monetary policy and the recent reforms implemented by the president administration.

The US companies will continue publishing their earnings reports today. Their announcement will make DowDuPont, Activision and GoPro. From macroeconomic statistics, attention should be paid to US data on the Markit Services PMI, Factory Orders and Trade Balance.

Support and resistance

The Stochastic is at the 15-point mark, signalling the possibility of an upward correction.

Long positions can be opened from the support level of 2617.2 (2/8 Murray).

Support levels: 2617.2, 2592.4.

Resistance levels: 2656.3, 2675.8.

Trading tips

Long positions can be opened from the level of 2617.2 with the target at 2637.7 and stop-loss at 2600.0.

S&P500 index of the American stock exchange

BuySellSpread
2931.32925.954

Scenario

TimeframeDay's Range
RecommendationsBUY LIMIT
Entry Point2617.2
Take Profit2637.7
Stop Loss2600.0
Support levels2592.4, 2617.2, 2656.3, 2675.8
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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