Daily Price Outlook

- Engage in Buying: Traders might consider entering a long position above the 50 EMA mark at 5048, with expectations of the index moving towards the pivot point at 5110.

- Set Profit Targets: The initial take profit can be set just at the pivot point of 5110, a level that might offer some resistance.

- Implement Stop Loss Measures: To manage risk effectively, setting a stop loss at 5020 could help protect investments from unexpected downturns.

The S&P 500 has demonstrated robust performance today, climbing by 0.91% to close at 5064.19, buoyed by favorable market sentiment and positive economic indicators. As the index approaches a significant technical juncture, traders are closely monitoring the key pivot point set at 5110.00.

The Relative Strength Index (RSI) remains neutral at 50, suggesting that the market is neither overbought nor oversold, offering room for movement in either direction. Moreover, the 50-Day Exponential Moving Average (EMA) stands at 5048.93, which the index has just surpassed, indicating potential for continued upward momentum.

Looking ahead, immediate resistance is seen at 5120.94. If the index surpasses this level, it could target further highs at 5166.08 and then at 5222.72. These levels are critical for traders looking for extended bullish signals.

Conversely, support lies at 5004.99. A break below this could see the S&P 500 testing further support at 4953.66 and potentially down to 4903.21, levels where buyers might step in to stabilize the index.

SPX Price Chart - Source: Tradingview
SPX Price Chart - Source: Tradingview

S&P500 (SPX) - Trade Ideas

Entry Price – Buy Above 5048

Take Profit – 5110

Stop Loss – 5020

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$620/ -$280

Profit & Loss Per Mini Lot = +$62/ -$28



24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.