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

Daily Price Outlook

- Bullish Momentum Above Pivot: S&P 500 remains bullish above $6,093.87, with resistance at $6,128.99 and $6,171.70 in focus.

- Bearish Risk Below Support: A break below $6,093.87 could lead to support tests at $6,049.53 and $6,008.89.

- Strategic Entry Point: Buy above $6,094, with a take profit at $6,172 and a stop loss at $6,049 for effective risk management.

The S&P 500 (SPX) is trading at $6,117.51, slightly down by 0.01%, reflecting a cautious market sentiment. Despite the minor decline, the index remains above the key pivot point at $6,093.87, maintaining a bullish outlook as long as it holds above this level.

The pivot point is a crucial support zone, bolstered by the 50-Day Exponential Moving Average (EMA) at $6,057.00, which is providing dynamic support.

If the S&P 500 continues to trade above the pivot point, it is likely to target the immediate resistance at $6,128.99.

Breaking above this resistance could fuel further bullish momentum towards the next resistance levels at $6,171.70 and $6,219.27. These levels are significant as they mark potential breakout zones that could lead to new highs.

On the flip side, if the index falls below the pivot point at $6,093.87, it could encounter selling pressure, pushing it down to the immediate support at $6,049.53.

A break below this level would expose the next support zones at $6,008.89 and $5,969.55. These supports are critical in preventing a deeper correction and maintaining the long-term bullish trend.

From a strategic perspective, the recommended entry point is to buy above $6,094, targeting a take profit at $6,172 while setting a stop loss at $6,049 to manage downside risk. This approach aligns with the bullish sentiment supported by the upward trendline and the 50 EMA.

S&P 500 - Trade Ideas

Entry Price – Buy Above 6094

Take Profit – 6172

Stop Loss – 6049

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$780/ -$450

Profit & Loss Per Mini Lot = +$78/ -$45