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

Daily Price Outlook

- Resistance Levels: Immediate resistance at 5,765.05, with further levels at 5,798.37 and 5,825.90.

- Support Levels: Key support at 5,696.93, with additional support at 5,675.11 and 5,649.97.

- RSI: At 21, indicating oversold conditions but weak momentum, which may sustain bearish sentiment.

The S&P 500 (SPX) has seen a notable decline, currently trading around 5,705.44, down 1.86% as bearish momentum persists. The index faces strong resistance near 5,765.05, a key pivot point aligning with recent highs.

Should the S&P 500 manage to break above this level, it could target the next resistance at 5,798.37, with an upper threshold near 5,825.90. However, with the 50-day EMA positioned at 5,809.62 and downward pressure evident, the index may struggle to regain bullish traction in the near term.

On the support side, immediate support rests at 5,696.93, with further support levels at 5,675.11 and 5,649.97. The RSI has dipped to a low 21, signaling oversold conditions that could potentially attract short-term buying interest. Yet, the overall technical setup remains weak, as the index struggles below the 50-day EMA, reflecting a bearish bias.

For traders looking to capitalize on this trend, an entry below 5,730 could provide a viable short position, with profit-taking opportunities around 5,675, and a stop loss set at 5,764 to manage risk. As market sentiment remains fragile, further downside appears likely unless key resistance levels are breached.

Given these conditions, the S&P 500’s outlook remains tilted to the downside, with a strong test of support likely in the days ahead.

S&P 500 - Trade Ideas

Entry Price – Sell Below 5730

Take Profit – 5675

Stop Loss – 5764

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$550/ -$340

Profit & Loss Per Mini Lot = +$55/ -$34