Daily Price Outlook

    * S&P 500 trades at 4198, aligning with our 4190 forecast. Ascending triangle pattern breached, indicating resistance at 4160.

    * Breach suggests potential continuation of bullish trend in S&P 500.

Watch 4222 resistance and 4180 support. Wait for pullback to 4182 before considering additional positions.

The S&P 500 index is currently trading at the 4198 level, closely aligning with our previous forecast of 4190. On the four-hour timeframe, there has been a breakthrough of an ascending triangle pattern, indicating a strong resistance level around 4160.

This breach of the pattern suggests the potential continuation of the upward bullish trend in the S&P 500.

A bullish engulfing candle has formed on the four-hour chart, indicating a possible buying opportunity. The next significant resistance to monitor is at 4222, while support can be found around 4180. It is advisable to wait for a pullback to the 4182 level before considering additional positions on the S&P 500.

Both the RSI and MACD indicators are currently in neutral territory, and the 50-day exponential moving average is providing additional support.

 SPX Price Chart - Source: Tradingview

SPX S&P500 - Trade Idea

Entry Price – Buy 4180

Stop Loss – 4150

Take Profit – 4221

Risk to Reward – 1 : 1.35

Profit & Loss Per Standard Lot = +$407/ -$304

Profit & Loss Per Micro Lot = +$40/ -$30



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