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

Daily Price Outlook

- Critical Levels: Pivot at $6,093.28; resistance at $6,122.27; support at $6,053.76.

- RSI at 69: Overbought conditions suggest potential for a short-term correction.

- Technical Setup: Break below $6,093.28 risks downside; above $6,122.27 signals bullish continuation.

The S&P 500 (SPX) is trading at $6,075.10, down 0.19%, as the index continues to face resistance near its pivot point of $6,093.28. Despite maintaining an overall bullish trajectory, the session reflects cautious sentiment amid broader market consolidation.

The RSI at 69 indicates the index is approaching overbought territory, suggesting potential for a short-term pullback.

Immediate resistance is observed at $6,122.27, with subsequent levels at $6,153.89 and $6,186.17. These levels represent critical barriers for further upside momentum.

On the downside, immediate support lies at $6,053.76, followed by $6,024.77 and $5,989.86, offering key areas for potential stabilization in case of a pullback.

The 50-day EMA at $5,937.87 underpins the broader bullish sentiment, indicating strong underlying support for the index.

However, a decisive move below the pivot point at $6,093.28 could trigger selling pressure, targeting support at $6,053.76 or lower. Conversely, a break above $6,122.27 may validate further gains toward the next resistance level of $6,153.89.

S&P 500 - Trade Ideas

Entry Price – Sell Below 6083

Take Profit – 6033

Stop Loss – 6122

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$500/ -$390

Profit & Loss Per Mini Lot = +$50/ -$39