Daily Price Outlook

- S&P 500 holds a bullish bias above 6118.72, with key resistance at 6165.39.

- The 50 EMA at 5953.68 acts as a critical support level, sustaining the uptrend.

- A breakout above 6165.39 could lead to further gains toward 6219.20.

The S&P 500 (SPX) is trading at 6118.72, marking a 0.53% increase as the index sustains its bullish momentum above the key pivot level of 6118.72.

The immediate resistance is at 6165.39, with further upside targets at 6219.20 and 6267.23. A decisive break above these levels could reinforce the bullish outlook and attract additional buying interest, potentially pushing the index toward fresh highs.

On the downside, immediate support is observed at 6043.67, followed by deeper levels at 5979.98 and 5922.19. The 50-day Exponential Moving Average (EMA) stands at 5953.68, providing dynamic support and indicating a continuation of the broader uptrend.

Maintaining above this level signals strength, while a break below could introduce selling pressure, bringing the index toward lower support zones.

From a technical standpoint, the index remains within an ascending trend, with buying interest prevailing above the pivot point.

However, traders should monitor market sentiment and macroeconomic factors, which could influence volatility and direction.

A breakout above 6165.39 may accelerate bullish momentum, while failure to sustain above the pivot could see the index retreat toward key support levels.

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

S&P 500 - Trade Ideas

Entry Price – Buy Above 6096

Take Profit – 6180

Stop Loss – 6039

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$840/ -$570

Profit & Loss Per Mini Lot = +$84/ -$57

SPX

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