Daily Price Outlook
- The S&P 500 opened with a significant downside gap and closed lower, with the $4400 level acting as a crucial support.
- The ascending triangle pattern observed on the daily and four-hour time frames indicates a strong possibility of a continued bullish trend.
- A breakout above $4450 could lead to the $4480 level, while a breakdown below $4400 may result in a decline towards $4360 or even lower to $4330.
Taking a look at the technical analysis of the S&P 500, it opened with a significant downside gap and closed lower.
The $4400 level appears to be a crucial support, as indicated by the ascending triangle pattern observed on the daily and four-hour time frames.
This pattern suggests a strong possibility of a continued bullish trend. Furthermore, the presence of the 50-day exponential moving average acts as a support zone, reinforcing the positive sentiment in the S&P 500.
Today's forecast suggests that the price is likely to remain around the $4400 level, with a potential target of $4450.
A successful breakout above this level could expose the S&P 500 to the $4480 level. On the other hand, a breakdown below the $4400 level may lead to a decline towards $4360 or even lower towards the $4330 level.
SPX Price Chart – Source: Tradingview
S&P500 (SPX) - Trade Idea
Entry Price – Buy Above 4400
Take Profit – 4450
Stop Loss – 4360
Risk to Reward – 1: 1.25
Profit & Loss Per Standard Lot = +$500/ -$400
Profit & Loss Per Micro Lot = +$50/ -$40
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