Technical analysis SPX500 for 08.05.2024

The Tenkan-sen line is located above the Kijun-sen line. Both lines are directed upwards. 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 5175. The closest resistance is the level 5200

Key levels

• 5225, 5200, 5175, 5150, 5120

Trading scenario

• Recommended opening long positions (Buy Limit) from the level of 5175, with Take Profit of 5200 and Stop Loss of 5150

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 5150, with Take Profit of 5120 and Stop Loss of 5175