Technical analysis SPX500 for 09.05.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 3975. The closest resistance is the level 4040

Key levels

• 4290, 4230, 4155, 4075, 4040, 3975, 3900

Trading scenario

• Recommended opening short positions (Sell) at the current price, with Take Profit of 3975 and Stop Loss of 4040

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 4075, with Take Profit of 4155 and Stop Loss of 4040