Daily Price Outlook

- S&P 500 trades at $5482.88, up 0.09%, with RSI at 59.

- Immediate resistance at $5505.65 and support at $5447.72.

- Entry: Buy above $5468.10; target resistance at $5505.65 and above.

The S&P 500 is trading at $5482.88, up 0.09%. The 4-hour chart highlights critical price levels, with the pivot point set at $5468.10. Immediate resistance is positioned at $5505.65, followed by $5522.02 and $5536.94.

On the downside, immediate support is identified at $5447.72, with further support levels at $5427.20 and $5408.64.

The Relative Strength Index (RSI) is currently at 59, indicating neutral momentum and suggesting that the index is neither overbought nor oversold.

The 50-day Exponential Moving Average (EMA) is at $5447.29, acting as a key support level. Maintaining above this EMA could suggest continued upward momentum for the S&P 500.

Traders should consider entering positions above the pivot point of $5468.10, with an eye on the first resistance level at $5505.65. A break above this resistance could pave the way for gains towards $5522.02 and $5536.94.

Conversely, a drop below the immediate support at $5447.72 could signal a decline towards $5427.20 and potentially down to $5408.64.

In conclusion, while the S&P 500 shows slight gains, the overall outlook remains cautiously optimistic above the pivot point of $5468.10.

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

S&P 500 - Trade Ideas

Entry Price – Buy Above 5470

Take Profit – 5505

Stop Loss – 5447

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$350/ -$230

Profit & Loss Per Mini Lot = +$35/ -$23



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