Daily Price Outlook

        On the technical front, the S&P 500 index has exhibited a significant bearish candle on the three-day timeframe, commonly referred to as a "bearish engulfing" candlestick pattern. This candle has fully engulfed all the previous trading activity on July 24th, indicating a strong bearish sentiment among investors as the S&P 500 index closed in the red.

        Furthermore, the index has broken below another important trend line that was providing support around the 4555 level. The closing of candles below this trend line suggests a high likelihood of a continued downtrend for the S&P 500 index.

        On the downside, there is potential support around the 4530 level, and a substantial breach of this level could lead the SPX price to its next support level at 4500. Further continuation of the downtrend could bring the S&P 500 index down to the 4490 level.

        Conversely, if the S&P 500 manages to hold above the 4530 level, it may find the potential to reach the next resistance level at 4560, and further strength could lead to resistance around 4580. Careful monitoring of these support and resistance levels will be crucial for traders as they navigate the current market conditions.

        S&P500 (SPX) Price Chart – Source: Tradingview
        S&P500 (SPX) Price Chart – Source: Tradingview

         S&P500 (SPX) - Trade Idea

        Entry Price – Buy Limit 4528.02

        Take Profit – 4558.84

        Stop Loss – 4509.98

        Risk to Reward – 1: 1.7

        Profit & Loss Per Standard Lot = +$308/ -$180

        Profit & Loss Per Micro Lot = +$30/ -$18



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