Daily Price Outlook
The S&P 500 index has surpassed the critical resistance level at 4,440, indicating a strong likelihood of a continued bullish trend.
- Next resistance levels to watch are at 4,511 and 4,525, while a breach of the support at 4,440 could lead to a significant downward move with support expected around 4,395.
- Monitoring the 4,440 level is important for assessing future trading activities.
Based on technical analysis, the S&P 500 index has successfully surpassed the critical resistance level at 4,440, indicating a strong likelihood of an ongoing bullish trend. The confirmation of this breakthrough is evident through the presence of a bullish candle closing above the mentioned level. Moving forward, the next resistance levels to monitor are at 4,511 and 4,525.
Conversely, a breach of the support at 4,440 could trigger a substantial downward movement, with a significant support level anticipated around 4,395.
Supporting the positive outlook, the exponential moving average and indicators like the relative strength index and moving average convergence divergence all align with the prevailing bullish sentiment surrounding the SPX.
These indicators suggest that the upward trend is likely to persist. Therefore, it is crucial to closely observe the 4,440 level as it holds the potential to serve as a pivotal point for today's trading activities.
SPX Price Chart – Source: Tradingview
S&P500 (SPX) - Trade Idea
Entry Price – Buy Above 4440
Take Profit – 4500
Stop Loss – 4400
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$600/ -$400
Profit & Loss Per Micro Lot = +$60/ -$40
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