Current trend 

S&P 500 could not retain the advantage it gained yesterday and is traded downwards. The correction of the rate may prove to be stronger due to an increase in the Fed's interest rate and further tightening of monetary policy. During the committee meeting, nothing was said about the level of inflation. Many market participants interpreted this fact in such a way that the consumer price index currently satisfies regulator officials.

In turn, the ECB decided to keep interest rate unchanged and to complete quantitative monetary easing in 2018. Also, the head of the regulator Mario Draghi noted the strengthening of economic risks associated with the global trade crisis.

Today, the US data on industrial production and consumer confidence index will be published.

Support and resistance

Stochastic is at the level of 15 points and indicates possible correction.

Resistance levels: 2773.4, 2779.2.

Support levels: 2766.7, 2763.7.

Trading tips

Open short positions after the breakdown of the support level of 2767.7 with take-profit at 2763.7 and stop-loss at 2773.4.

S&P500 index of the American stock exchange

BuySellSpread
2638.12632.556

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point2767.0
Take Profit2763.7
Stop Loss2773.4
Support levels2763.7, 2766.7, 2773.4, 2779.2
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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