S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- The S&P 500 demonstrates notable fluctuations around the $4,500 point, with technical analysis revealing an upward potential from a pivotal $4,470 support.
- If the index remains above the current threshold, it may face significant resistance at $4,500, further reinforced by the 61.8% Fibonacci retracement level.
- The decisive $4,400 support acts as today's turning point; standing above it suggests bullish momentum, while falling below could indicate heightened selling pressure.
Upon scrutinizing the technical nuances of the S&P 500, the index displays volatility around the $4,500 mark. Delving into the four-hour chart, the S&P 500 has staged a comeback from a critical support pegged at $4,470. The candlestick configurations hint at a possible upward trajectory for the index.
Should the S&P 500 sustain above this threshold, it is poised to confront the ensuing formidable resistance near $4,500. Beyond this, another significant resistance coincides with the 61.8% retracement mark, intensified by a 61.8% extension.
On the flip side, if the S&P 500 descends below the $4,470 benchmark, ensuing supports are likely at $4,450 and $4,335. The linchpin remains the pivotal $4,400 support, serving as today's fulcrum. A position above this point insinuates a potential bullish continuation, whereas a breach below might signal augmented selling activity.
S&P500 (SPX) - Trade Idea
Entry Price – Buy Above 4490
Take Profit – 4545
Stop Loss – 4440
Risk to Reward – 1: 1
Profit & Loss Per Standard Lot = +$550/ -$500
Profit & Loss Per Micro Lot = +$55/ -$50
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