Daily Price Outlook

- Correction Phase: SPX is in a potential correction phase, retreating from highs near $5,324.98.

- Immediate Resistance: Key resistance levels are $5,350.61 and $5,383.93.

- Support Levels: Immediate support is at $5,263.46, with further support at $5,220.73 and $5,180.58.

The SPX is currently trading at $5,297.09, reflecting a 0.21% decline for the day. The 4-hour chart highlights a pivot point at $5,324.98, serving as a critical juncture for future price movements. Immediate resistance is found at $5,350.61, followed by $5,383.93 and $5,419.62.

On the downside, immediate support is at $5,263.46, with further support levels at $5,220.73 and $5,180.58. These support levels are vital for maintaining the current trend, as a break below these points could signal a shift towards a bearish outlook.

The 50-day Exponential Moving Average (EMA) at $5,119.01 provides additional support, indicating a longer-term bullish trend despite the current pullback.

The Relative Strength Index (RSI) is currently at 74, suggesting that the SPX is in overbought territory. An RSI above 70 typically indicates that the asset is overbought and could be due for a corrective pullback.

The recent price movement in the SPX shows a potential correction phase, with the index retreating from the highs near the immediate resistance levels. The ability of the SPX to stay above the pivot point of $5,324.98 is crucial for maintaining a bullish outlook.

In conclusion, the technical outlook for the SPX remains cautiously bearish below the pivot point of $5,324.98. An entry price for selling is recommended below this level, with a take profit target at $5,262 and a stop loss at $5,350.

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

S&P500 (SPX) - Trade Ideas

Entry Price – Sell Below 5324.00

Take Profit – 5262

Stop Loss – 5350

Risk to Reward – 1: 2.3

Profit & Loss Per Standard Lot = +$620/ -$260

Profit & Loss Per Mini Lot = +$62/ -$26



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