Daily Price Outlook
- The S&P 500 displays technical fluctuations around the 4430 mark and has shown resilience with a rebound from the 4350 support level.
- Key levels to monitor include the 38.2% Fibonacci retracement at 4440, with significant resistances at 4475 and the extended 61.8% retracement level.
- The 4400 level serves as today's pivotal point, determining potential bullish or bearish trends based on the index's position relative to this benchmark.
Upon examining the technical aspects of the S&P 500, it currently indicates fluctuations around the 4430 level. Analyzing the four-hour chart, the S&P 500 has rebounded from a significant support level of 4350. The manner in which the candles have closed suggests that the S&P 500 carries potential upside momentum.
It is nearing the 38.2% Fibonacci retracement level situated around 4440. Should the S&P 500 maintain its position above this level, it will likely encounter the next significant resistance at approximately 4475. Further upwards, another major resistance aligns with the 61.8% retracement level, amplified by a 61.8% extension. Conversely, if the S&P 500 drops below the 4400 level, subsequent support can be expected at 4450 and 4335.
The pivotal focus remains on the crucial support level of 4400, which is also today's pivot point. A stance above this level indicates a probable continuation of the bullish trend, while a position below may suggest further selling pressure.
S&P500 (SPX) - Trade Idea
Entry Price – Buy Above 4400
Take Profit – 4470
Stop Loss – 4350
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$700/ -$500
Profit & Loss Per Micro Lot = +$70/ -$50
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