Current trend 

The S&P 500 index is trading higher with the opening of the European session and currently reached the level 2734.6.

Many investors are in no hurry to open long positions, since the trade conflict between the US and China has not been resolved yet. Recently it became known that one of the major telecommunications companies China Mobile was banned from providing its services in the US market. Tomorrow, new duties amounting to about USD 50 billion will come into effect, which will negatively influence the Chinese economy.

As for American companies, here the negative role is played by Facebook, which occupies a significant position in the S&P 500 index. The social network shares reduced by 1.5% after it became known that the FBI and the U.S. Securities and Exchange Commission started an investigation into the transfer of data to third-party users.

Today, the data on initial jobless claims and the FOMC minutes will be published.

Support and resistance

Stochastic is at 48 points and does not provide a signal for the opening of positions.

Resistance levels: 2724.6, 2744.1.

Support levels:  2714.8.

Trading tips

Short positions may be opened from the resistance level of 2734.6 with take-profit at 2724.6 and stop-loss at 2744.1.

S&P500 index of the American stock exchange

BuySellSpread
2924.62919.254

Scenario

TimeframeDay's Range
RecommendationsSELL LIMIT
Entry Point2734.6
Take Profit2724.6
Stop Loss2744.1
Support levels2714.8, 2724.6, 2744.1
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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