Daily Price Outlook 

- S&P 500 exhibits slight growth, with pivot point analysis indicating a bullish inclination.

- RSI near overbought territory and MACD show mixed signals, but the closure above $4,985 suggests strong buying potential.

- Technical indicators support a buy above $4,986, targeting $5,040, and recommend a stop loss at $4,950 to safeguard against reversals.

The S&P 500 Index continues to flirt with the precipice of bullish momentum, evidenced by a modest uptick of 0.06%, placing the market valuation at $4,997.92. A closer examination of the four-hour chart reveals a pivot point at $4,926.25, a crucial fulcrum around which trading strategies might pivot.

Immediate resistance presents itself at $5,005.83, challenging traders to break through to confirm continued bullish intent. Further resistance benchmarks are found at $5,053.58 and an ambitious $5,137.14, levels that may either cap the rally or, if surpassed, signal a new leg of bullish fervor.

Conversely, the support mechanism activates at $4,878.50, with additional safety nets at $4,794.95 and $4,747.20, which stand ready to absorb any bearish blows.

The Relative Strength Index (RSI), currently at a relatively high 70, suggests that the market is approaching overbought territory, yet there is no immediate indication of a reversal. The MACD's current value at 3.41, versus its signal at 41.06, presents a mixed narrative, hinting at a potential plateau in momentum.

The 50-day Exponential Moving Average (EMA) precisely aligns with the current market price at $4,997.92, reinforcing the index's strength at these levels.

A notable chart pattern is the index's closure above the significant $4,985 level. This development near the all-time high underscores the market's robust appetite for risk and sets the stage for potential acquisition trends.

In summary, the S&P 500's technical outlook suggests a strong buy signal above the $4,986 mark, targeting profits at $5,040 with a safety net stop loss placed at $4,950. This bullish outlook is predicated on the market maintaining its current trajectory and breaking past immediate resistance levels with conviction.

SP500 (SPX) Price Chart - Source: Tradingview
SP500 (SPX) Price Chart - Source: Tradingview

S&P500 (SPX) - Trade Ideas

Entry Price – Buy Above 4986

Take Profit – 5040

Stop Loss – 4950

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$5400/ -$3600

Profit & Loss Per Mini Lot = +$540/ -$360



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