Technical analysis SPX500 for 02.02.2024

Tenkan-sen and Kijun-sen lines are merged. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud turned over from ascending to descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 4954.00. The closest support is the level 4920.00

Key levels

• 5015.00, 4985.00, 4954.00, 4920.00, 4880.00, 4835.00

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 4954.00, with Take Profit of 4985.00 and Stop Loss of 4935.00

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 4920.00, with Take Profit of 4880.00 and Stop Loss of 4935.00