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

Daily Price Outlook

The S&P 500 Index (SPX) begins its session at 4277.99, suffering a decline of 1.06% in the past 24 hours. Analyzing its price activity on a 4-hour chart provides key levels that traders should keep an eye on. The pivot point is detected at $4,369, acting as a pivotal juncture for the asset's next movements. For traders looking towards an optimistic turn, immediate resistance looms at $4,404, followed by subsequent barriers at $4,451 and $4,502. Conversely, any downside moves would encounter immediate support at $4,288, with further cushions at $4,216 and $4,172.

When it comes to the technical indicators, the Relative Strength Index (RSI) records a value of 39. This is an indication of a prevailing bearish sentiment, given that any value below 50 is considered as such. Delving into the MACD, the main line has nosedived below its signal counterpart, standing at -5.040 relative to the signal's -0.5900. This formation underscores a potential bearish momentum in the offing. Further accentuating the bearish tones, the price currently trades below the 50 EMA, which stands at $4,346, signifying a short-term bearish trend.

Presently, no distinct chart patterns have manifested to provide further directional clues. However, this can rapidly change as the market evolves.

In synthesis, the SPX is demonstrating a bearish inclination, especially if it remains below the 4319 mark. Conversely, climbing above could indicate a potential shift in market sentiment. In the immediate timeframe, we might anticipate the SPX to gravitate towards testing the resistance at $4,404, with breaches or rebounds here crucial for subsequent price actions.

S&P500 (SPX) - Trade Idea 

Entry Price – Sell Limit 4319.00

Take Profit – 4218.00

Stop Loss – 4393.00

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$1010/ -$740

Profit & Loss Per Micro Lot = +$101/ -$74