Daily Price Outlook 

- S&P 500 rises 1.25% to 4906.18, with bullish signals from RSI at 60 and support from the 50-day EMA at 4803.14.

- Key levels to watch include immediate resistance at 4905.57 and support at 4848.03, pivotal for short-term movements.

- Technical indicators and Fibonacci retracement suggest buying strength above 4880, targeting gains towards 4930.

The S&P 500 index today showcases a robust uptick, advancing by 1.25% to stand at 4906.18. This movement reflects a buoyant sentiment in the market, as indicated by the 4-hour chart analysis. The pivot point for today's session is identified at 4878.93, serving as a crucial juncture for short-term directional bias. Resistance levels are closely set at 4905.57, 4923.55, and an upper boundary at 4954.06, outlining potential targets for the bulls. Conversely, support levels are established at 4848.03, 4822.98, and 4797.40, offering a safety net against pullbacks.

The Relative Strength Index (RSI) at 60 signals a bullish momentum without veering into overextended territory. The 50-day Exponential Moving Average (EMA), positioned at 4803.14, underscores a solid uptrend foundation, further validating the index's strength.

Notably, the S&P 500 has completed a 38.2% Fibonacci retracement level around 4847, indicating a favorable zone for buyers. This level has become a springboard, suggesting potential for further ascension.

The technical landscape for the S&P 500 is decisively bullish, with a recommended entry point for long positions above 4880. Targets for taking profit are advised at 4930, while a stop loss should be considered at 4840 to mitigate potential downside risks.

SP500 (SPX) Price Chart - Source: Tradingview
SP500 (SPX) Price Chart - Source: Tradingview

S&P500 (SPX) - Trade Ideas

Entry Price – Buy Above 4880

Take Profit – 4930

Stop Loss – 4840

Risk to Reward – 1: 1.18

Profit & Loss Per Standard Lot = +$500/ -$400

Profit & Loss Per Mini Lot = +$50/ -$40



24/7 live support, lightning fast withdrawals, guaranteed safe and reliable trading platforms with a true ECN broker.