S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- S&P 500 remains bullish above 6071.18, eyeing resistance at 6127.64 and 6171.70.
- 50-day EMA at 5971.80 provides strong support, keeping buyers in control.
- Break below 6013.62 may lead to a correction toward 5969.55.
The S&P 500 continues its upward trajectory, currently trading at 6071.18 after gaining 0.53%. The index remains above the key pivot level at 6071.18, suggesting that bullish momentum is still intact.
Immediate resistance is seen at 6127.64, with further upside targets at 6171.70 and 6219.27. A break above these levels could extend the rally toward fresh highs as investor sentiment remains positive.
On the downside, immediate support lies at 6013.62, with additional key levels at 5969.55 and 5904.50. A drop below 6013.62 could trigger a corrective move, potentially testing lower support levels.
However, with the 50-day EMA positioned at 5971.80, buyers may step in on any pullback, keeping the broader trend intact.
Technically, the S&P 500 remains in a strong bullish trend, with higher highs and higher lows confirming positive momentum. As long as the index sustains above 6058, buyers are likely to remain in control, with a potential move toward 6127 in the near term.
Conversely, a failure to hold above 6013.62 could invite profit-taking and open the door for a pullback toward 5969.55.
Overall, the outlook remains bullish, with traders eyeing a breakout above 6127.64 for continued gains. However, monitoring volume and broader market sentiment will be key in confirming further upside.
S&P 500 - Trade Ideas
Entry Price – Buy Above 6058
Take Profit – 6127
Stop Loss – 6008
Risk to Reward – 1: 1.3
Profit & Loss Per Standard Lot = +$690/ -$500
Profit & Loss Per Mini Lot = +$69/ -$50
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