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

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) - 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