Daily Price Outlook
- The S&P 500 index shows consolidation above a crucial support area of 4,440, indicating a strong likelihood of a continuing bullish trend.
- Positive confirmation of this breakthrough is seen through a bullish candle closing above the support level, while resistance levels at 4,511 and 4,525 become the next targets to watch.
- Support from key indicators like the exponential moving average, relative strength index, and moving average convergence divergence align with the prevailing bullish sentiment, suggesting the upward trend is expected to persist.
On Thursday, the S&P 500 index is currently in an exciting phase, as it consolidates above a key support area of 4,440. The candles closing above this level indicate a strong possibility of the ongoing bullish trend continuing its upward journey. It's like the index is putting on a bullish show for us!
To further confirm this breakthrough, we can see a bullish candle that has closed above the mentioned support level. This adds more fuel to the bullish fire. As we look ahead, our eyes should be on the next resistance levels at 4,511 and 4,525. These levels might act as hurdles for the index as it reaches for new heights.
However, we must also keep in mind that a breach of the support at 4,440 could have a significant impact, potentially triggering a substantial downward movement. In such a scenario, we anticipate a strong support level around 4,395 coming into play.
Given all this excitement, it becomes crucial for us to closely monitor the 4,440 level. It holds the potential to be a turning point for today's trading activities. So let's keep our eyes peeled and enjoy the thrill ride of the S&P 500 index!
SPX Price Chart – Source: Tradingview
S&P500 (SPX) - Trade Idea
Entry Price – Buy Above 4440
Take Profit – 4500
Stop Loss – 4408
Risk to Reward – 1: 1.93
Profit & Loss Per Standard Lot = +$600/ -$311
Profit & Loss Per Micro Lot = +$60/ -$31
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