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

Daily Price Outlook

When conducting a technical analysis of the S&P500 for September 29, it's crucial to consider several key factors. The chart timeframe under scrutiny is 4 hours, with the pivot point being established at $4365.

In terms of resistance, there are three primary levels to observe: immediate resistance at $4420, followed by the next resistances at $4519 and $4569.

Conversely, support levels are delineated at $4269, with subsequent support points at $4217 and $4122. Analyzing technical indicators provides deeper insights.

The Relative Strength Index (RSI) currently stands at 43, which hints at a slightly bearish sentiment since an RSI value below 50 typically signifies a bearish market stance.

In the MACD readings, a value of 7 and a signal of -26 were recorded. Interestingly, the MACD line's position above its signal line suggests potential bullish momentum.

The 50-day Exponential Moving Average (50 EMA) is at $4360, and since the price is marginally above this point, a short-term bullish trend can be inferred. Chart patterns further reveal a Fibonacci Retracement, with the 38.2% level pinpointed at $4325.

This level's breach, in either direction, could offer clues about the asset's forthcoming trajectory.

In the short term, it's anticipated that the S&P500 will endeavor to test the resistance stationed at $4420.

S&P500 (SPX) - Trade Idea 

Entry Price – Sell Below 4337

Take Profit – 4226

Stop Loss – 4408

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$111/ -$710