Daily Price Outlook

- S&P 500's slight decline to 5150.47 hints at cautious market behavior.

- Resistance at 5185.18 and support at 5089.72 mark key levels for upcoming sessions.

- Technical indicators reveal a market in balance, with potential for bullish reversals.

The S&P 500 experienced a modest downturn on March 15, closing at 5150.47 with a 0.29% decrease. This movement places the index below its significant pivot point of 5218.00, signaling a potential shift in market sentiment. Immediate resistance levels are identified at 5185.18, with subsequent hurdles at 5231.37 and 5279.23 that may cap any rebound efforts. Conversely, the index finds robust support at 5089.72, with additional safety nets at 5058.36 and 5006.75, crucial for preventing further dips.

Technical indicators suggest a cautiously optimistic outlook. The Relative Strength Index (RSI) stands at 57, indicating a market that is neither overbought nor oversold, suggesting potential for movement in either direction. Meanwhile, the 50-day Exponential Moving Average (EMA) at 5068.70 provides a solid base, hinting at underlying market strength. Based on these observations, a strategic approach could involve entering long positions above 5130, targeting the pivot point at 5218 for profit-taking, while setting a stop loss at 5090 to manage risk effectively.

S&P 500 Price Chart - Source: Tradingview
S&P 500 Price Chart - Source: Tradingview

S&P 500 - Trade Ideas

Entry Price – Buy Above 5130

Take Profit – 5218

Stop Loss – 5090

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$880/ -$400

Profit & Loss Per Mini Lot = +$88/ -$40



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