Technical analysis SPX500 for 01.03.2024

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 5075. The closest resistance is the level 5110

Key levels

• 5110, 5075, 5050, 5020

Trading scenario

• Recommended opening long positions (Buy Limit) from the level of 5075, with Take Profit of 5110 and Stop Loss of 5050

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 5050, with Take Profit of 5020 and Stop Loss of 5075