Daily Price Outlook

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

    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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