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
Please click here to read and acknowledge our Trade Ideas Disclaimer before using these ideas in your strategies and trading. This document’s information, including forex signals and research, is for general informational and educational purposes only and does not provide specific financial, investment, or trading advice.
JOIN LONGHORNFX TODAY
24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.