Daily Price Outlook

    * The S&P 500 is trading at 4198, in line with our previous forecast.

    * Violation of the ascending triangle pattern suggests a continuation of the bullish trend.

    * A bullish engulfing candle formation indicates a potential buying opportunity.

    * Resistance is expected at 4222, with support at 4180.

The S&P 500 is currently trading at the 4198 level, aligning closely with our previous forecast of 4190. On the four-hour timeframe, the index has broken through an ascending triangle pattern, indicating a strong resistance level around 4160.

This violation of the pattern suggests a potential continuation of the bullish trend, with further upward movement expected in the S&P 500.

A bullish engulfing candle has formed on the four-hour chart, signaling a potential buying opportunity. The next significant resistance level to watch is at 4222, while support is seen around 4180. It is advisable to wait for a pullback to the 4182 level before considering additional positions on the S&P 500.

Both the RSI and MACD indicators are currently in neutral territory, and the 50-day exponential moving average is providing additional support.

 SPX Price Chart - Source: Tradingview

SPX S&P500 - Trade Idea

Entry Price – Buy Above 4180.66

Stop Loss – 4150.24

Take Profit – 4221.43

Risk to Reward – 1 : 1.34

Profit & Loss Per Standard Lot = +$418/ -$304

Profit & Loss Per Micro Lot = +$41/ -$30



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