Daily Price Outlook
- The S&P 500 is hovering around the 4464 level, with key supports at 61.8% and 78.6% Fibonacci retracement levels at 4464 and 4437, respectively.
- Technical indicators like RSI and MACD signal bearishness, while the 50-day EMA provides resistance at approximately 4472.
- A move below 4475 may intensify the bearish trend, with potential drops to 4435 and possibly as low as 4400.
The prominent S&P 500 stock market index is currently oscillating around the 4464 mark. This specific support is reinforced by the 61.8% Fibonacci retracement level, and the candlestick patterns suggest that there is a strong possibility for a continued decline. The S&P 500 finds its next support at approximately 4437, underpinned by the 78.6% Fibonacci level.
Key technical indicators, such as the RSI and MACD, are currently positioned within the bearish territory. Meanwhile, the 50-day exponential moving average indicates a bearish sentiment, offering immediate resistance near the 4472 level. For now, traders should closely monitor the 4475 mark.
A move below this could usher in a more pronounced bearish trend. Conversely, if the index surpasses this level, we could anticipate an uptrend towards 4490 or even an ascent towards 4525. Should the index descend below 4475, there's potential for the S&P 500 to plummet to the 4435 level, with a further potential drop bringing the index close to the 4400 benchmark.
S&P500 (SPX) - Trade Idea
Entry Price – Sell Below 4470
Take Profit – 4400.00
Stop Loss – 4517.00
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$700/ -$470
Profit & Loss Per Micro Lot = +$70/ -$47
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