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

Daily Price Outlook

- Support Levels: Immediate at $5,965, with key zones at $5,923 and $5,887.

- Resistance Levels: Critical hurdles at $6,055, $6,085, and $6,120 for bullish continuation.

- Trend Indicators: RSI at 60 supports caution; 50 EMA at $5,954 highlights pivotal support

The S&P 500 Index (SPX) is trading at $5,998.73, down 0.38%, as bearish momentum intensifies following a break below the $6,015 pivot point. Immediate support lies at $5,965, with deeper cushions at $5,923 and $5,887.

These levels are critical for traders monitoring potential downside risks. The 50-day EMA at $5,954.14 aligns closely with the next support zone, reinforcing its significance.

On the upside, immediate resistance is marked at $6,055, with higher targets at $6,085 and $6,120. A move above $6,055 is necessary to shift sentiment and reestablish bullish momentum.

The RSI stands at 60, reflecting moderately bullish conditions despite the recent dip, but sustained selling pressure could drive the index toward oversold levels.

The broader trend suggests a cautious outlook as SPX remains under its pivot. A sell entry below $6,014 with a target of $5,964 aligns with current technical patterns, while a stop-loss above $6,053 ensures risk management.

Traders should watch for a break of $6,015 to confirm further bearish moves or a recovery above this level for potential reversals.

S&P 500 - Trade Ideas

Entry Price – Sell Below 6014

Take Profit – 5964

Stop Loss – 6053

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$500/ -$390

Profit & Loss Per Mini Lot = +$50/ -$39