The S&P 500 index continues to regain the losses of the last days and is trading at the level of 2706.4.
Significant support for the instrument was provided by Facebook shares, which added more than 5% after the information about the growth of social network users was made public. Also, the company's profit for Q3 2018, which grew to 5.14 billion dollars, showed a positive trend (the increase was about 9%). Net profit was also increased by eBay (+38%), which also supported the stock index.
In turn, macroeconomic statistics continues to show growth in the US economy. ADP Nonfarm Employment Change increased by 227K, with the forecast of 189K. On the other hand, analysts have no doubt that the interest rate will continue to be increased, which ultimately will adversely affect the stock market.
There has been no visible progress in relations between China and the United States. It is reported that Washington may review the policy of trade duties if countries do not come to a common agreement before the end of December.
Support and resistance
Stochastic is at 61 points and does not provide a signal for the opening of positions.
Resistance levels: 2734.4, 2752.5.
Support levels: 2695.3, 2676.9.
Long positions may be opened from the current level with take profit at 2752.5 and stop loss at 2685.0.
S&P500 index of the American stock exchange
|Support levels||2676.9, 2695.3, 2734.4, 2752.5|
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