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

Daily Price Outlook

- Key Resistance: 6128; Breakout may push toward 6171.

- Key Support: 6049; Decline below could accelerate selling.

- Outlook: Bullish above 6094, with a target at 6163.

The S&P 500 (SPX) is trading at 6115.08, up 0.01%, as the index continues to hover near record highs despite mixed economic signals.

The benchmark remains supported above its pivot point of 6093.87, indicating a positive underlying trend.

From a technical perspective, the index maintains its position above the 50-day EMA at 6054.58, suggesting sustained bullish sentiment. Immediate resistance is seen at 6128.99, with a potential move toward 6171.70 if the index breaks through.

A successful climb beyond this level could open the path toward 6219.27, marking a new high for the year.

On the downside, immediate support rests at 6049.53, with subsequent levels at 6008.89 and 5969.55. A drop below the 6049 mark may trigger profit-taking and shift sentiment toward the bearish side.

The Relative Strength Index (RSI) indicates neutral territory, suggesting room for further gains if buying pressure intensifies.

Fundamental factors also contribute to the cautious optimism, with strong corporate earnings providing support despite concerns about inflation and potential interest rate adjustments.

Recent PPI data showed a modest uptick, reinforcing the Fed’s cautious stance on rate cuts, which investors are closely monitoring.

S&P 500 - Trade Ideas

Entry Price – Buy Above 6094

Take Profit – 6163

Stop Loss – 6049

Risk to Reward – 1:1.5

Profit & Loss Per Standard Lot = +$690/ -$450

Profit & Loss Per Mini Lot = +$69/ -$45