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

Daily Price Outlook

• The S&P 500 index has surpassed the resistance at 4,440, indicating potential for continued bullish movement.
• Support at 4,440 level is crucial; breaching it could lead to a significant downward move.
• Exponential moving average and technical indicators support the bullish outlook for SPX.

Technical analysis indicates that the S&P 500 index has successfully surpassed the double tap resistance level at 4,440, signaling a strong possibility of a continued bullish trend. The presence of a bullish candle closing above this level further supports this outlook.

The next resistance levels to watch for are 4,511 and 4,525. Conversely, if the support at 4,440 is breached, it could lead to a significant downward move, with a strong support level around 4,395.

The exponential moving average and indicators such as the relative strength index and moving average convergence divergence also lend support to the positive sentiment surrounding the SPX.

These indicators suggest that the bullish trend is likely to persist. Therefore, it is important to monitor the 4,440 level as it may act as a key pivot point for today's trading activity.

SPX Price Chart – Source: Tradingview

S&P500 (SPX) - Trade Idea

Entry Price – Buy Above 4440

Take Profit – 4500

Stop Loss – 4400

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$600/ -$400

Profit & Loss Per Micro Lot = +$60/ -$40