S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal

Daily Price Outlook

- S&P 500 trading at $5,544.58, down 0.78%, with a neutral technical outlook.

- RSI at 45, indicating balanced market conditions.

- Immediate support at $5,490.08; key resistance at $5,576.48.

The S&P 500 is currently trading at $5,544.58, marking a decline of 0.78%. The 4-hour chart highlights critical levels for investors to monitor. The pivot point is set at $5,522.66, serving as a key indicator of potential price movements.

Immediate resistance is noted at $5,576.48, with further resistance levels at $5,607.64 and $5,643.05. On the downside, immediate support is identified at $5,490.08, followed by $5,446.88 and $5,405.81.

Technical indicators suggest a cautious market sentiment. The Relative Strength Index (RSI) stands at 45, indicating neither overbought nor oversold conditions, suggesting room for movement in either direction.

The 50-day Exponential Moving Average (EMA) is positioned at $5,517.33, providing a potential support level that could be crucial in the near term.

Given the technical setup, traders might consider placing a buy limit order at $5,520, just below the pivot point, to capitalize on potential upward momentum.

The suggested trade setup includes an entry price at $5,520, a take profit target at $5,575, and a stop loss at $5,490. This strategy aims to leverage a rebound while maintaining a controlled risk profile.

S&P 500 - Trade Ideas

Entry Price – Buy Limit 5520

Take Profit – 5575

Stop Loss – 5490

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$550/ -$300

Profit & Loss Per Mini Lot = +$55/ -$30