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

Daily Price Outlook

- S&P 500 rises 2.30% to $5,319.30, with key resistance at $5,385.42.

- RSI at 45 suggests neutral momentum, with room for further gains or a pullback.

- Buy limit at $5,247 targeting $5,380, with a stop loss set at $5,178.

The S&P 500 is trading at $5,319.30, up 2.30% on the day, signaling a robust bullish movement in the market.

The 4-hour chart suggests that the index is benefiting from strong upward momentum, having surpassed the pivot point at $5,249.75.

However, with the Relative Strength Index (RSI) at 45, the market is neither overbought nor oversold, indicating that the current rally may still have room to run, but caution is warranted.

Immediate resistance is identified at $5,385.42. A break above this level could lead to further gains, with the next resistance targets at $5,508.57 and $5,665.95.

These levels are critical as they could dictate whether the S&P 500 continues its upward trajectory or faces a potential pullback.

The 50-day Exponential Moving Average (EMA), currently at $5,486.47, suggests that the broader trend remains bullish, though a correction could occur if prices fail to sustain above this average.

On the downside, the immediate support level is at $5,128.77, followed by $5,049.14 and $4,957.26.

These levels will be key for traders watching for any signs of weakness or a potential reversal.

Given the current technical setup, entering a buy position near $5,247 with a take profit target at $5,380 and a stop loss at $5,178 could provide a favorable risk-reward scenario, capitalizing on the continued bullish sentiment.

S&P 500 - Trade Ideas

Entry Price – Buy Limit 5247.00

Take Profit – 5380

Stop Loss – 5178

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$1330/ -$690

Profit & Loss Per Mini Lot = +$133/ -$69