Current trend

S&P500 broad spectrum index is trading near the support level of 2910.2 or 4/8 Murrey.

The instrument is pressured by a strengthening of USD, which showed growth yesterday after strong data on the US economy. In particular, the business activity index reached 61.6 points, and the employment rate rose to 230K (against the forecast of 185K). The demand was also supported by the Chicago Fed head who said that the regulator will continue to raise interest rates if the economy shows signs of an upward trend. Amid this, the yield on bonds has significantly strengthened, reaching 3.25%. The agreement between the United States and Canada on further trade on mutually beneficial terms can be considered a positive event for the market. It also became known that the US is withdrawing from the friendship treaty with Iran, which was signed in 1955, thus, relations between the countries will continue to deteriorate.

Today, Initial Jobless Claims and data on Factory Orders will be published.

Support and resistance

Stochastic is at the level of 12 points and indicates the possible correction.

Resistance levels: 2915.0, 2919.9.

Support levels: 2907.0, 2905.3.

Trading tips

Long positions may be opened from the current level with take profit at 2919.9 and stop loss at 2910.0.

S&P500 index of the American stock exchange

BuySellSpread
2744.22738.656

Scenario

TimeframeWeekly
RecommendationsBUY
Entry Point2913.7
Take Profit2919.9
Stop Loss2910.0
Support levels2905.3, 2907.0, 2915.0, 2919.9
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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