Daily Price Outlook
- The S&P 500 is experiencing a slight bearish sentiment around the 4,180 level after failing to break through 4,215 resistance.
- A doji candlestick pattern on the four-hour timeframe suggests a weakening bullish trend and increasing influence of sellers.
- Potential support is seen around the 4,150 level, confirmed by a trend line on the four-hour timeframe.
The S&P 500 index is currently trading with a slight bearish sentiment around the 4,180 level after failing to break through the 4,215 resistance level.
On the four-hour timeframe, the SPX has formed a single doji candlestick pattern, indicating a weakening bullish trend and the increasing influence of sellers.
On the upside, there is potential support around the 4,150 level, which is also confirmed by a trend line visible on the four-hour timeframe.
Today’s strategy involves monitoring the 4,150 level and considering selling positions if the price approaches this level.
SPX Price Chart – Source: Tradingview
SPX S&P500 – Trade Idea
Entry Price – Buy Above 4150.17
Stop Loss – 4103.49
Take Profit – 4262.69
Risk to Reward – 1 : 2.4
Profit & Loss Per Standard Lot = +$1125/ -$466
Profit & Loss Per Micro Lot = +$112/ -$46
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