Daily Price Outlook
- The S&P 500's technicals spotlight the significant $4400 level, with the 50-day exponential moving average marking a key resistance at $4475.
- Technical metrics, including the relative strength index and MACD, currently suggest a bearish inclination as they stabilize in the sell zone.
- While the immediate target for the S&P 500 is set at $4390, a breach above $4475 could shift focus towards $4500 and $4545; sellers should consider the $4475 level as an opportune point.
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
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