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

Daily Price Outlook

- S&P 500 is trading at $5267.85, down 0.74%, below the pivot point of $5297.60.

- Immediate resistance at $5342.04; support levels at $5246.67, $5212.41, and $5180.58.

- RSI at 54 indicates neutral momentum; 50-day EMA provides support at $5168.56.

The S&P 500 is currently priced at $5267.85, down 0.74%. The market's technical outlook presents a cautious picture as the price is trading below the pivot point of $5297.60.

Immediate resistance is noted at $5342.04, with further resistance levels at $5380.93 and $5419.82. On the support side, the immediate level is at $5246.67, followed by $5212.41 and $5180.58.

The Relative Strength Index (RSI) is at 54, indicating a neutral momentum, neither overbought nor oversold. This neutral RSI suggests that the market could move in either direction depending on upcoming market catalysts.

The 50-day Exponential Moving Average (EMA) is positioned at $5168.56, which provides a significant support level that traders will be closely monitoring.

Given the current technical indicators, a strategic approach would be to sell below $5287, aiming for a take-profit level of $5215 while setting a stop-loss at $5350. This approach capitalizes on the potential for further downside while managing risk appropriately.

S&P500 (SPX) - Trade Ideas

Entry Price – Sell Below 5287

Take Profit – 5215

Stop Loss – 5350

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$720/ -$630

Profit & Loss Per Mini Lot = +$72/ -$63