S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal

Daily Trading Signal

    * S&P 500 trading slightly bullish around $4137 level, SDX gaining support at $4120 with upward trend line.

    * Bulls gathering around $4120 level, potential for SPX to test immediate resistance at $4170 and reach next level at 4200.

    * If SPX drops below $4120, could reach $4089. Technical indicators suggest weakening bearish bias, recommended to take buy position above $4120 level.

The S&P 500, the US economy's leading stock market index, is trading slightly bullish around the $4137 level. On the two-hour time frame, the SDX is gaining immediate support at $4120, which is extended by an upward trend line.

The closing of several candles above the $4120 level suggests that bulls gather around this level. There are chances for the SPX to continue its bullish trend and test the immediate resistance level of $4170. A break above $4170 can push the SPX toward the next resistance level at 4200.

Alternatively, if the SPX breaks below $4120, it could drop to $4089. The leading technical indicators, such as RSI and MACD, suggest that the bearish bias is weakening, and the bulls may take over soon. Therefore, the recommended strategy is to take a buy position above the $4120 level today.

S&P500 (SPX) Trade Idea

Entry Price – Buy Above $4119

Stop Loss – $4098

Take Profit – $4171

Risk to Reward – 1 : 2.44

Profit & Loss Per Standard Lot = +$519/ -$212

Profit & Loss Per Micro Lot = +$51/ -$21