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

Daily Price Outlook

Examining the technical aspect of the S&P 500, its current trading stance centers around the 4475 support threshold. This support is further fortified by the 61.8% Fibonacci retracement level. However, it's important to acknowledge that both the relative strength index (RSI) and the moving average convergence and divergence (MACD) indicator are signaling bearish conditions, implying a significant likelihood of a downward correction.

At present, the immediate support is provided by the 61.8% retracement level and the 50-day exponential moving average, situated at 4475. Should the price undergo a bearish breach beneath this level, the next potential support lies around 4435.

Conversely, an optimistic scenario entails a breakout above the 4530 resistance level, which could pave the way for the S&P 500 index to target the resistance levels at 4560 or 4600.

For traders, vigilant monitoring of the 4500 level is imperative. This juncture presents a prospective selling opportunity in the event of a bearish breakdown, while a sustained support might indicate a favorable buying opportunity.

S&P500 (SPX) - Trade Idea

Entry Price – Buy Limit 4498

Take Profit – 4575

Stop Loss – 4457

Risk to Reward – 1: 1.88

Profit & Loss Per Standard Lot = +$770/ -$410

Profit & Loss Per Micro Lot = +$77/ -$41