Current trend 

S&P500 broad spectrum index continues to show positive dynamics since the opening of yesterday's trading session in the US. Currently, the instrument is trading around the resistance level of 8/8 Murrey or 2734.4. If it is broken out in the near future, the next target will be 2742.5.

Published yesterday, the minutes of the Fed meeting did not surprise investors; as expected, the regulator will continue to raise the interest rate, as the economy grows and the inflationary pressure intensifies. The next meeting will be held on 12-13 June, and the probability of a rate increase at it is more than 70%. The yield on 10-year US bonds remains above 3%, which has a negative pressure on the stock market, forcing speculators to look for new points to open short positions.

Today, data on secondary jobless claims and the housing price index will be published.

Support and resistance

Stochastic is at 71 points and does not provide a signal for the opening of positions.

Resistance levels: 2734.4, 2793.3.

Support levels: 2729.5, 2724.6.

Trading tips

Short positions may be opened from the resistance level of 2734.4 with take-profit at 2724.6 and stop-loss at 2793.3.

S&P500 index of the American stock exchange

BuySellSpread
2660.12654.556

Scenario

TimeframeDay's Range
RecommendationsSELL LIMIT
Entry Point2734.4
Take Profit2724.6
Stop Loss2793.3
Support levels2724.6, 2729.5, 2734.4, 2793.3
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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