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

Daily Price Outlook

- S&P 500 closes up at 4567.81, signaling continued market confidence.

- Immediate resistance levels set at $4,604 and $4,639; support at $4,547.

- RSI at 69 and position above 50 EMA indicate a bullish trend.

The S&P 500 index, a key benchmark for the broader U.S. stock market, has exhibited a positive momentum, closing at 4567.81, a 0.38% increase. This upward movement is reflective of a broader market sentiment that remains cautiously optimistic, driven by a mix of economic indicators and corporate earnings reports.

In terms of technical analysis, the index is hovering around a pivot point of $4,582. The immediate resistance levels are identified at $4,604, $4,639, and $4,676.

These thresholds will be critical in determining the index's ability to sustain its upward trajectory. Conversely, the support levels are set at $4,547, $4,523, and $4,488, offering stability against potential market pullbacks.

The technical indicators present an insightful picture. The Relative Strength Index (RSI), currently at 69, is just below the overbought threshold, indicating robust buying interest in the market. This is corroborated by the Moving Average Convergence Divergence (MACD) value of -7.56, which, despite being negative, is countered by a signal value of 39, suggesting that bullish momentum could resume.

Moreover, the index's position relative to its 50-Day Exponential Moving Average (EMA) of $4,553 indicates a short-term bullish trend. The index's movement above this average signals continued investor confidence and potential for further gains.

The chart analysis highlights a notable pattern - the double top's breakout is now acting as a support level at $4,529. This pattern's resolution reinforces the bullish narrative, suggesting that the index may continue its climb in the near term.

S&P500 (SPX) - Trade Idea 

Entry Price – Buy Above 4534

Take Profit – 4637

Stop Loss – 4477

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$1030/ -$570

Profit & Loss Per Mini Lot = +$103/ -$57