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

Daily Price Outlook

- The pivot point at $5,807.87 is crucial, with immediate resistance at $5,878.04.

- The 50-day EMA at $5,775.78 provides strong near-term support.

- RSI at 58 suggests neutral conditions, providing room for potential upward momentum.

The S&P 500 (SPX) is trading marginally lower at $5,841.48, marking a 0.02% decline in today's session. Despite the dip, the index remains in a consolidation phase, hovering around the key pivot point of $5,807.87. Immediate resistance is set at $5,878.04, with further hurdles at $5,912.64 and $5,939.55. A break above these levels could spark a bullish rally toward the $5,900 region, where traders may look to take profits.

On the downside, the immediate support level sits at $5,772.26, with additional support at $5,727.47 and $5,689.71. Should the index dip below these support zones, a steeper correction could be on the horizon, pushing prices toward the $5,600 range.

The 50-day Exponential Moving Average (EMA) is positioned at $5,775.78, offering solid support that aligns closely with the pivot point, reinforcing the current price consolidation. Meanwhile, the Relative Strength Index (RSI) is at 58, indicating neutral market conditions, with neither overbought nor oversold signals dominating. This suggests potential buying opportunities, particularly if prices hold above $5,828.

A technical breakout above $5,828 is expected to trigger a bullish trend, targeting $5,905 with a stop loss placed at $5,778. However, if prices slip below the immediate support, the outlook could turn bearish.

S&P 500 - Trade Ideas

Entry Price – Buy Above 5828

Take Profit – 5905

Stop Loss – 5778

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$770/ -$500

Profit & Loss Per Mini Lot = +$77/ -$50