Technical analysis SPX500 for 02.05.2024

The Tenkan-sen line is located below the Kijun-sen line. Red points downwards while blue points upwards. Confirmatory line Chikou Span crossed and fixed below the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 5025. The closest resistance is the level 5050

Key levels

• 5100, 5075, 5050, 5025, 5000

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 5050, with Take Profit of 5075 and Stop Loss of 5025

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 5025, with Take Profit of 5000 and Stop Loss of 5050