Daily Price Outlook

- S&P 500 shows positive momentum, rising to 4556.63, with resistance levels at $4,603, $4,686, and $4,770, and support at $4,474, $4,430, and $4,350.

- Bullish trend indicated by RSI at 76, though in overbought territory, and the index trading above its 50 EMA at $4,533.

- The index's strong position above $4,500 supports a bullish outlook, with potential resistance tests at $4,603 in the short term, but overbought conditions suggest possible consolidation.

The S&P 500 Index continues to exhibit signs of strength on November 24, with a modest uptick of 0.41%, bringing the index to 4556.63. This positive movement places the S&P 500 above its pivot point of $4,561, suggesting a bullish inclination in the short term. The immediate resistance levels are set at $4,603, followed by more formidable barriers at $4,686 and $4,770. Conversely, the index finds support at lower levels, namely $4,474, $4,430, and $4,350, which could offer a cushion against any potential retracements.

The technical indicators for the S&P 500 paint a picture of bullish sentiment, albeit with cautionary notes. The Relative Strength Index (RSI) stands at 76, venturing into overbought territory, which might signal a possible pullback or consolidation in the near future. The Moving Average Convergence Divergence (MACD) displays a value of 0.10, with a signal line at 57.78, indicating a potential upward momentum. Additionally, the index is trading above its 50-Day Exponential Moving Average (EMA) of $4,533, reinforcing the current bullish trend.

From a chartist's perspective, the S&P 500 is maintaining a strong position above the crucial $4,500 level. This level now acts as a critical benchmark, with the index's movement above this point further supporting the bullish narrative.

In conclusion, the overall trend for the S&P 500 remains bullish, especially as long as it stays above the $4,500 threshold. In the short term, market participants should brace for the index to test the immediate resistance at $4,603, with a potential to extend gains towards the $4,686 and $4,770 levels. However, traders should remain vigilant of the overextended RSI, which could lead to a temporary consolidation or a slight pullback before any further upward movements.

S&P500 (SPX) Price Chart – Source: Tradingview
S&P500 (SPX) Price Chart – Source: Tradingview

S&P500 (SPX) - Trade Idea 

Entry Price – Buy Above 4507

Take Profit – 4600

Stop Loss – 4455

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$9300/ -$5200

Profit & Loss Per Mini Lot = +$930/ -$520



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