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

Daily Price Outlook

- S&P 500 declines 1.37% to $5,446.69 amid economic uncertainties and earnings season pressures.

- RSI at 44 suggests approaching oversold conditions; potential for rebound if positive catalysts emerge.

- Buy above $5,415; target take-profit at $5,500, with a stop-loss at $5,350.

The S&P 500 (SPX) index is currently trading at $5,446.69, down 1.37% as investor sentiment shifts amid economic uncertainties and corporate earnings reports.

The 4-hour chart reveals that the index is trading below the pivot point of $5,412.99, indicating potential further downside unless key support levels hold.

Immediate support is found at $5,327.98, with subsequent levels at $5,259.24 and $5,190.50. If the index breaches these supports, it may face additional downward pressure.

The immediate resistance stands at $5,502.69, followed by $5,577.16 and $5,665.95. To regain upward momentum, the S&P 500 needs to break through these resistance levels decisively.

The Relative Strength Index (RSI) is currently at 44, indicating that the index is approaching oversold territory. This suggests that while there is bearish sentiment, there might be potential for a rebound if positive economic data or earnings surprises materialize.

The 50-day Exponential Moving Average (EMA) is positioned at $5,530.15, further highlighting the need for a break above immediate resistance to shift the short-term outlook to bullish.

In terms of strategy, buying is recommended above $5,415, with a take-profit target set at $5,500 and a stop-loss at $5,350. This approach allows traders to capitalize on potential rebounds while managing downside risks.

S&P 500 - Trade Ideas

Entry Price – Buy Above 5415

Take Profit – 5500

Stop Loss – 5350

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$850/ -$650

Profit & Loss Per Mini Lot = +$85/ -$65