Daily Price Outlook
- S&P 500 exhibits strong bullish momentum, surpassing the $4,375 level and currently trading near $4,425.
- Daily timeframe reveals the index crossing above the 50-day exponential moving average, acting as support around $4,283.
- Immediate support lies at $4,379, followed by $4,300, aligned with an hourly trend line.
On Friday, the S&P 500, the leading stock market index, is showing strong bullish momentum after breaking through the $4,375 level. It is currently trading around the $4,425 level.
Observing the daily timeframe, the S&P 500 has successfully crossed above the 50-day exponential moving average, which is now acting as a support around the $4,283 level.
The relative strength index (RSI) and moving average convergence divergence (MACD) indicators are both in overbought territory, suggesting that the market may be overextended and sellers could enter.
Zooming in on the hourly timeframe, there is a trend line providing support around the $4,434 level. A failure to break above this level or a close of candles below it could trigger a bearish correction in the S&P 500.
On the downside, immediate support is expected around the $4,379 level, followed by the next support at the $4,300 level, which aligns with an hourly trend line.
Alternatively, a breakthrough of the $4,435 level could potentially push the S&P 500 towards the $4,500 or even $4,595 level.
SPX Price Chart – Source: Tradingview
SPX S&P500 – Trade Idea
Entry Price – Sell Below 4443.78
Stop Loss – 4517.10
Take Profit – 4290.00
Risk to Reward – 1 : 2
Profit & Loss Per Standard Lot = +$140/ -$67
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