Daily Price Outlook

  • The S&P 500 index is displaying a strong bullish bias around the 4282 level.
  • The RSI and MACD indicators on the four-hour timeframe indicate a possible exhaustion of buyers.
  • Resistance is observed around the 4300 level, with potential support at 4240 and further support at 4200 if the market experiences a correction.

On Monday, the S&P 500 stock market index is exhibiting a strong bullish bias, trading around the 4282 level. Our previous price prediction for the SPX has been in line with our forecast as it has reached our target.

Analyzing the four-hour timeframe, we observe that the RSI and MACD indicators have entered the overbought zone, suggesting a potential exhaustion of buyers and a possibility of sellers taking control for a correction in the market.

Currently, the SPX is facing resistance around the 4300 level, and a break below this level could lead to a decline towards the support level at 4240. However, if the SPX manages to stay above 4240, it may resume its bullish momentum.

On the other hand, a drop below 4240 could lead to further support at 4200, while a breakout above 4300 could set a target around 4348.

SPX Price Chart – Source: Tradingview

SPX S&P500 – Trade Idea

Entry Price – Buy Limit 4241.45

Stop Loss – 4192.62

Take Profit – 4347.82

Risk to Reward – 1 : 2.18

Profit & Loss Per Standard Lot = +$1063/ -$488

Profit & Loss Per Micro Lot = +$106/ -$48



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