Daily Price Outlook

    In today's trading session, the S&P 500 (SPX) showcased a notable ascent, climbing by 1.03% to close at 5157.35, reflecting investor optimism amid a favorable economic backdrop. This upward trajectory is further illuminated through a detailed examination of the index's performance within a four-hour chart framework, offering valuable insights into potential future movements based on established support and resistance levels, and key technical indicators.

    The pivot point for the SPX stands at 5136.93, serving as a foundational benchmark for analyzing the index's direction. Resistance levels are identified at 5185.18, 5231.37, and 5279.23, sequentially outlining the hurdles the SPX may face on its upward journey. Conversely, support levels are placed at 5094.02, 5046.62, and 4990.09, delineating potential fallback positions in the event of a downturn.

    Technical analysis of the SPX is enriched by the Relative Strength Index (RSI) reading at 67, hovering near the overbought threshold, which could signal a cautious approach for investors. Meanwhile, the 50-Day Exponential Moving Average (EMA) at 4926.59 underscores a robust bullish sentiment over the medium term, with the SPX trading well above this level.

    S&P 500 Price Chart - Source: Tradingview
    S&P 500 Price Chart - Source: Tradingview

    S&P 500 - Trade Ideas

    Entry Price – Sell Below 5165

    Take Profit – 5140

    Stop Loss – 5180

    Risk to Reward – 1: 1.6

    Profit & Loss Per Standard Lot = +$250/ -$150

    Profit & Loss Per Mini Lot = +$25/ -$15



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