S&P500 index on H4 chart is traded near an important resistance level of 2682.8, the nearest support level is at 2656.3 or 8/6 Murray.
Market participants are slow to increase the volume of trade positions due to uncertainty about the Iranian nuclear program: the US can extend sanctions or find a new solution. Earlier, Saudi Arabia and Israel stated that they considered the old conditions on the program as unacceptable, since after 10 years Iran could continue to create nuclear weapons. The trade war between the US and China is another important factor that also negatively affects the market: countries have not yet been able to reach an agreement and intend to continue to adhere to a policy of protectionism, using import tariffs.
The dynamics of the reporting of American companies is better than expectations: 78% of them have far exceeded the forecasts, which is one of the best results since 2008.
Support and resistance
Stochastic is at the level of 20 points and indicates the possible correction.
Resistance levels: 2682.8, 2695.3.
Support levels: 2656.3, 2641.5.
Long positions may be opened from the support level of 2656.3 with take-profit at 2682.8 and stop-loss at 2641.5.
S&P500 index of the American stock exchange
|Take Profit||2682. 8|
|Support levels||2641.5, 2656.3, 2682.8, 2695.3|
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