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

Daily Price Outlook

The technical outlook for the S&P 500 presents a captivating picture. While there have been slight variations akin to light rain, the $4400 level captures my focus. A detailed look indicates the 50-day exponential moving average providing solid resistance around $4475.

What stands out is the affirmation from candle closures below this mark, indicating a potential downward trend. Examining the technical metrics, both the relative strength index and the moving average convergence divergence indicators remain stable in the sell zone, hinting chances of a bearish movement.

Furthermore, the S&P 500 showcases the potential to target the $4390 mark. Achieving this could set the stage for the next target at $4350. On the flip side, bullish cross above $4475 might push the index towards the $4500 or $4545 areas. Given these insights, it's wise to stay alert and consider a selling around the $4475 mark for the day.

S&P500 (SPX) - Trade Idea 

Entry Price – Sell Below 4465

Take Profit – 4395

Stop Loss – 4500

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$700/ -$350

Profit & Loss Per Micro Lot = +$70/ -$35