Daily Price Outlook

    The prominent stock market index, the S&P 500, is displaying a pronounced bearish trend, declining by nearly 3% to stand at $4,336. This level serves as a pivotal support, underscored by a double bottom pattern at the same mark.

    On the daily chart, the SPX has manifested two significant bearish engulfing candles, indicating a dominant bearish sentiment. Should the SPX breach the $4,336 threshold, it is poised to encounter subsequent support levels at $4,295 and possibly $4,261.

    Conversely, the resistance is anchored at $4,377. A surge above this level could pave the way for the SPX to approach $4,440.

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

    S&P500 (SPX) - Trade Idea 

    Entry Price – Buy Above 4326

    Take Profit – 4397

    Stop Loss – 4296

    Risk to Reward – 1: 1.7

    Profit & Loss Per Standard Lot = +$710/ -$300

    Profit & Loss Per Micro Lot = +$71/ -$30



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