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

Daily Price Outlook

On October 13, the S&P500 (SPX) stands at 4340, experiencing a decrease of 0.62% within the last 24 hours. This observation is based on a 4-hour chart timeframe.

The pivot point for the index is pinpointed at 4357. Several significant resistance and support levels emerge around this pivot.

The immediate resistance is located at 4399, followed by subsequent resistances at 4447 and 4504. Should the index retract, immediate support might be felt at 4331, with the potential for steeper declines towards the support levels at 4287 and 4214.

Analyzing the technical indicators offers further insights. The Relative Strength Index (RSI) is currently at 54. An RSI value greater than 50 traditionally indicates bullish sentiment, suggesting a slightly positive momentum for the index.

The 50-Day Exponential Moving Average (EMA) is precisely at the pivot point, 4357. Since the current price is slightly below the 50 EMA, it signals a short-term bearish trend.

In conclusion, the overall trend for the S&P500 (SPX) leans bearish, especially if the price sustains below the 4357 mark. On the flip side, surpassing this level could tilt the sentiment to bullish.

For short-term maneuvers, traders and investors should anticipate the index's movements around these delineated levels, especially with a potential test of the 4399 resistance in the forthcoming sessions.

S&P500 (SPX) - Trade Idea 

Entry Price – Sell Limit 4330

Take Profit – 4445

Stop Loss – 4275

Risk to Reward – 1: 95

Profit & Loss Per Standard Lot = +$1150/ -$587

Profit & Loss Per Micro Lot = +$115/ -$58