Current trend

Yesterday the S&P 500 index broke through the level of 2734.0 (8/8 Murray) but couldn’t stay there and is now trading at the level of 2722.6. The issue of the policy of protectionism between China and the United States has not yet been resolved and adversely affects the market. The yield chart for 10-year bonds continues to grow, at the moment it is more than 3%, which positively affects the US dollar and puts pressure on the stock market. As for the positive news that support the index, it is worth noting the increase in the exchange value of companies that are engaged in the energy sector. Reduction of oil production in Venezuela, sanctions against Iran and restriction of exports cause additional demand and push oil quotes higher, providing additional profit to oil companies.

Today, a downward correction will continue. Next week, special attention should be paid to the Fed’s and ECB Meeting Minutes as well as orders for durable goods in the US.

Support and resistance

The Stochastic indicator is at the level of 77 and does not give signals to open positions.

Resistance levels: 2734.4, 2747.0.

Support levels: 2741.8, 2682.8.

Trading tips

You can open short positions at the current market price with stop loss at 2734.4 and take profit at 2682.8.

S&P500 index of the American stock exchange

BuySellSpread
2931.32925.954

Scenario

TimeframeDay's Range
RecommendationsSELL
Entry Point2713.9
Take Profit2682.8
Stop Loss2734.4
Support levels2682.8, 2741.8, 2734.4, 2747.0
SPX: general analysis

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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