S&P500 (SPX) Price Analysis – May 02, 2025
Daily Price Outlook
During the early US trading session, the S&P 500 index (SPX) extended its gains and climbed to 5,604.14, up 35.08 points.
The rally was largely supported by renewed optimism over easing US-China trade tensions and growing hopes for a Federal Reserve interest rate cut in June. These factors bolstered investor sentiment and helped drive the index to fresh highs.
S&P 500 Strength Boosted by Easing Trade War Fears and Diplomatic Signals
The S&P 500’s upward momentum was fueled by encouraging developments in US-China trade relations. Comments from China’s Commerce Ministry indicated a willingness to resume talks with Washington, stating that “the door is open” for negotiations.
In return, US President Donald Trump expressed optimism about reaching a trade agreement, emphasizing that a deal would be on favorable terms for the US.
This sentiment was reinforced by Washington’s hints at potential trade deals with other key partners including South Korea, Japan, and India.
Traders reacted positively to these signs of diplomatic progress, reducing fears of further tariff escalation and supporting risk appetite in equity markets.
Fed Rate Cut Bets Add to Bullish Outlook for Equities
Apart from trade developments, hopes for monetary policy easing also underpinned the S&P 500’s rally. The CME FedWatch Tool shows markets are now pricing in a 58.6% chance of a rate cut at the June Federal Reserve meeting. This shift comes as several recent US economic indicators point toward a slowdown.
Notably, initial jobless claims climbed to 241,000 last week—the highest level since February—and the ISM Manufacturing PMI stayed in contraction for a second straight month, slipping to 48.7 in April.
Meanwhile, the ADP employment report and upcoming Nonfarm Payrolls (NFP) data suggest a cooling labor market, with April job gains projected at just 130K compared to 228K in March.
Average Hourly Earnings are expected to rise 0.3% monthly and 3.9% year-over-year, offering insight into inflationary pressures.
Investor Caution Ahead of Key Economic Data and Inflation Trends
Despite the positive equity momentum, investors remain cautious ahead of the NFP report and upcoming inflation figures.
The US Dollar, which recently rose to a three-week high amid global trade optimism, is facing some pressure as traders brace for signs of slowing growth.
The possibility of four quarter-point Fed rate cuts by year-end has also gained traction following disappointing GDP and PCE inflation data.
These combined factors—moderating inflation, trade de-escalation, and softening labor indicators—are feeding expectations that the Fed may pivot toward a more dovish stance to support economic stability.
Until then, the S&P 500 is likely to remain sensitive to both trade developments and economic releases, as markets continue to navigate a complex global landscape.
S&P 500 – Technical Analysis
The SPX is showing continued strength after breaking above key levels earlier this week. Recent action indicates that the index is firmly testing resistance around 5604 as it climbs from lower levels in April.
Price recently closed above the 50-SMA, which now serves as dynamic support. Although the latest candle featured a slight rejection at the upper band, it appears more like a brief pause rather than a sign of reversal.
Structurally, the index is forming a rising wedge with a series of higher lows that confirm the bullish trend. The RSI currently reads 61.33, indicating healthy momentum without yet reaching overbought levels.
Candlestick patterns, including a small spinning top, have emerged, suggesting some caution among traders—but no major bearish formations like three black crows have materialized.
The absence of significant divergence between price and RSI further supports the view that upward pressure could persist if bulls maintain their grip.
Technically, the market is looking for a break above the recent resistance at 5604. Should bulls succeed, the next target could be set at 5781, with further gains possible if momentum builds.
Conversely, if price falls back and breaches support at 5426, the index may retest lower levels around the 50-SMA as a fallback.
Related News
- GOLD Price Analysis – May 02, 2025
S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- The SPX is in a bullish rising wedge with consistent higher lows and strong support from the 50-SMA.
- RSI at 61.33 and the absence of bearish divergence suggest sustained momentum.
- A confirmed break above 5604 could lead to a target near 5781, while a drop below 5426 would signal caution.
The SPX is showing continued strength after breaking above key levels earlier this week. Recent action indicates that the index is firmly testing resistance around 5604 as it climbs from lower levels in April.
Price recently closed above the 50-SMA, which now serves as dynamic support. Although the latest candle featured a slight rejection at the upper band, it appears more like a brief pause rather than a sign of reversal.
Structurally, the index is forming a rising wedge with a series of higher lows that confirm the bullish trend. The RSI currently reads 61.33, indicating healthy momentum without yet reaching overbought levels.
Candlestick patterns, including a small spinning top, have emerged, suggesting some caution among traders—but no major bearish formations like three black crows have materialized.
The absence of significant divergence between price and RSI further supports the view that upward pressure could persist if bulls maintain their grip.
Technically, the market is looking for a break above the recent resistance at 5604. Should bulls succeed, the next target could be set at 5781, with further gains possible if momentum builds.
Conversely, if price falls back and breaches support at 5426, the index may retest lower levels around the 50-SMA as a fallback.
S&P 500 - Trade Ideas
Entry Price – Buy Above 5571
Take Profit – 5781
Stop Loss – 5426
Risk to Reward – 1: 1.4
Profit & Loss Per Standard Lot = +$2100/ -$1450
Profit & Loss Per Mini Lot = +$210/ -$145
S&P500 (SPX) Price Analysis – April 25, 2025
Daily Price Outlook
The S&P 500 (SPX) jumped by 2.03%, reaching 5,484.77, with an intraday high of 5,489.40. The rally was supported by a combination of US-China trade optimism, solid economic data from the US, and growing speculation about potential Federal Reserve rate cuts.
US-China Trade War De-Escalation Boosts Market Sentiment, Fueling S&P 500 Surge
Investors are increasingly optimistic about the ongoing de-escalation of the US-China trade war. US President Donald Trump recently stated that trade talks between the two nations are underway, raising hopes that tensions may ease soon.
In a further sign of potential improvement, China is reportedly considering suspending its 125% tariff on some US imports. While China's Foreign Minister downplayed the discussions, the possibility of a trade resolution has provided a significant boost to market sentiment, propelling the S&P 500 higher.
Strong US Economic Data Enhances Investor Confidence
On the economic front, US macro data continues to outperform expectations. The Department of Labor's report revealed that Initial Jobless Claims increased modestly to 222,000 for the week ending April 19, indicating sustained labor market resilience.
Moreover, the Census Bureau reported a remarkable 9.2% surge in Durable Goods Orders for March, exceeding the forecasted 2% increase. Transportation equipment also saw significant growth, rising 27% for the third consecutive month.
These robust economic figures reinforce the belief that the US economy remains in good shape, boosting investor confidence and supporting the S&P 500's upward movement.
Fed Rate Cut Speculation Adds to Market Optimism
Adding further fuel to the market rally is growing speculation that the Federal Reserve could implement rate cuts soon. Cleveland Fed President Beth Hammack recently suggested that a rate cut as early as June could be on the table if there is clear data supporting the need for such action.
Moreover, Fed Governor Christopher Waller expressed his willingness to support rate cuts if tariffs begin to negatively impact the job market. With traders pricing in the possibility of multiple rate cuts by the end of 2025, the outlook for lower borrowing costs has further lifted investor sentiment, contributing to the S&P 500's rise.
Geopolitical Tensions Persist Amid S&P 500's Positive Momentum from US-China Trade and Economic Resilience
Despite the optimism, geopolitical tensions persist, as highlighted by a recent Russian missile attack on Ukraine's capital, Kyiv, which resulted in casualties. This ongoing conflict has kept the geopolitical risk premium in play, adding an element of caution for investors.
Nonetheless, the market's focus on US-China trade progress, economic resilience, and Fed policy expectations continues to drive the positive momentum in the S&P 500.
S&P 500 – Technical Analysis
The S&P 500 has broken out above a long-standing descending trendline resistance near 5,455, confirming a bullish breakout from a falling wedge pattern. Price action shows a convincing close above the 50-period SMA, now at 5,325, signaling a shift in short-term momentum.
This technical milestone is reinforced by a higher low structure and a fresh bullish engulfing candle that cleared a week-long consolidation range.
RSI stands at 66.25, approaching overbought territory but not yet flashing divergence. This RSI level—paired with the MACD signal line crossing above zero (not shown)—supports the case for further upside.
Momentum has been building gradually since the reversal from 5,102, marked by three white soldiers near the April 19–22 lows—an optimistic reversal signal rarely seen in isolation.
The breakout candle itself is a strong-bodied bullish candle, closing well above resistance without significant upper wicks—often a sign that buyers are confident and in control. If price holds above 5,455, we expect the rally to extend toward 5,579 and eventually test the key resistance at $5,670.
However, a failed retest below 5,453 would invalidate the breakout and expose the index to downside risk back toward the 5,325 support level. In this case, bulls will want to see a defense of the rising trendline from the April lows.
Related News
- GOLD Price Analysis – April 25, 2025
S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bullish engulfing candle breaks descending trendline near $5,455.
- RSI momentum confirms strength, with no immediate divergence.
- Price targets $5,670 if $5,453 support holds.
The S&P 500 has broken out above a long-standing descending trendline resistance near 5,455, confirming a bullish breakout from a falling wedge pattern. Price action shows a convincing close above the 50-period SMA, now at 5,325, signaling a shift in short-term momentum.
This technical milestone is reinforced by a higher low structure and a fresh bullish engulfing candle that cleared a week-long consolidation range.
RSI stands at 66.25, approaching overbought territory but not yet flashing divergence. This RSI level—paired with the MACD signal line crossing above zero (not shown)—supports the case for further upside.
Momentum has been building gradually since the reversal from 5,102, marked by three white soldiers near the April 19–22 lows—an optimistic reversal signal rarely seen in isolation.
The breakout candle itself is a strong-bodied bullish candle, closing well above resistance without significant upper wicks—often a sign that buyers are confident and in control. If price holds above 5,455, we expect the rally to extend toward 5,579 and eventually test the key resistance at $5,670.
However, a failed retest below 5,453 would invalidate the breakout and expose the index to downside risk back toward the 5,325 support level. In this case, bulls will want to see a defense of the rising trendline from the April lows.
S&P 500 - Trade Ideas
Entry Price – Buy Above 5453
Take Profit – 5670
Stop Loss – 5353
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$2170/ -$1000
Profit & Loss Per Mini Lot = +$217/ -$100
S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Consolidation Pattern: SPX is coiling inside a symmetrical triangle, awaiting a directional breakout.
- Support at 5,212: Price holding above trendline and horizontal support; critical for maintaining bullish bias.
- RSI Neutral: At 46.30, RSI suggests neither overbought nor oversold conditions, leaving room for either direction.
The S&P 500 is consolidating within a symmetrical triangle, trading below its 50-period SMA, currently at 5,307. Price has formed a higher low at 5,212 and is hovering near trendline resistance. The structure suggests indecision, with traders watching closely for a breakout or breakdown confirmation.
The recent pullback from 5,345 has found support at the 5,212 demand zone, which aligns with a rising trendline from the April lows. This zone is reinforced by a prior consolidation area and offers a potential entry point for buyers, particularly if price holds above 5,212.
On the upside, a move toward 5,345 would test the upper boundary of the triangle, followed by the 5,404 level, which marks a key resistance zone from earlier this month. Momentum remains neutral. The RSI stands at 46.30, suggesting a wait-and-see attitude as markets digest recent macro data and earnings.
A breakdown below 5,212 could shift the short-term bias bearish, with downside potential extending toward 5,118 and 5,112. A confirmed bounce from 5,212, however, could provide the foundation for a breakout toward 5,404 and higher.
S&P 500 - Trade Ideas
Entry Price – Buy Limit 5212
Take Profit – 5404
Stop Loss – 5112
Risk to Reward – 1: 1.9
Profit & Loss Per Standard Lot = +$1920/ -$1000
Profit & Loss Per Mini Lot = +$192/ -$100
S&P500 (SPX) Price Analysis – April 18, 2025
Daily Price Outlook
During Friday's trading session, the S&P 500 Index (SPX) managed to extend its upward momentum, climbing around the 5,282.70 mark with a modest gain of +0.13%.
This positive trend was fueled by a combination of trade optimism between the US and China, growing expectations of Federal Reserve rate cuts, and supportive global economic data that lifted investor sentiment.
S&P 500 Gains Support from US-China Trade Optimism and Tariff Exemptions
However, the bullish bias in the S&P 500 was mainly driven by renewed hopes of a US-China trade agreement. US President Donald Trump struck an optimistic tone, stating that a deal with China could be finalized within three to four weeks.
He further emphasized his reluctance to raise tariffs, acknowledging the potential negative impact on consumer demand.
Adding to the upbeat tone, President Trump also announced exemptions for key tech products—such as smartphones, computers, and semiconductors—from the proposed reciprocal tariffs.
These exemptions favored Chinese-manufactured goods, helping ease trade tensions and boosting investor confidence in the technology sector.
Meanwhile, China’s Foreign Ministry responded assertively, warning the US against further tariff provocations. Nonetheless, market sentiment remained positive, underpinned by hopes that dialogue would continue and lead to a formal agreement.
Fed Rate Cut Expectations Support Wall Street Rally
In addition to trade optimism, growing expectations of Federal Reserve rate cuts contributed to the positive tone in equity markets. According to the CME FedWatch Tool, traders are now pricing in around 86 basis points of rate cuts by the end of 2025, with the first anticipated cut expected as early as July.
Although Federal Reserve Chair Jerome Powell offered a hawkish warning about the risks of persistent inflation amid a slowing economy, markets remained focused on the dovish shift in inflation data.
US CPI inflation eased to 2.4% YoY in March—down from 2.8% in February—while Core CPI also fell to 2.8%, missing estimates and reinforcing the case for monetary easing. This softer inflation outlook weighed on the US Dollar Index (DXY), which slipped to around 99.30.
On the labor front, Initial Jobless Claims dropped to 215,000, beating expectations and signaling a resilient job market. However, Continuing Claims rose to 1.885 million, adding a mixed tone to labor market dynamics.
Strong Global Data Adds to Bullish Momentum
On the other hand, the global economic data also played a key role in supporting risk appetite. China’s economy grew 5.4% YoY in Q1 2025, surpassing expectations of 5.1%, while Retail Sales surged 5.9% and Industrial Production jumped 7.7%, signaling robust domestic activity.
In Australia, despite the unemployment rate rising slightly to 4.1%, job creation remained positive with 32.2K new positions in March. However, Westpac’s Leading Index showed some loss in momentum, easing to 0.6% from 0.9%.
Therefore, the combination of easing trade tensions, hopes for a Fed rate cut, and better-than-expected data from China and Australia has kept the S&P 500 on solid footing. These factors suggest that risk-on sentiment may continue to support the broader market in the near term.
S&P 500 – Technical Analysis
The S&P 500 is consolidating within a symmetrical triangle, trading below its 50-period SMA, currently at 5,307. Price has formed a higher low at 5,212 and is hovering near trendline resistance. The structure suggests indecision, with traders watching closely for a breakout or breakdown confirmation.
The recent pullback from 5,345 has found support at the 5,212 demand zone, which aligns with a rising trendline from the April lows. This zone is reinforced by a prior consolidation area and offers a potential entry point for buyers, particularly if price holds above 5,212.
On the upside, a move toward 5,345 would test the upper boundary of the triangle, followed by the 5,404 level, which marks a key resistance zone from earlier this month. Momentum remains neutral. The RSI stands at 46.30, suggesting a wait-and-see attitude as markets digest recent macro data and earnings.
A breakdown below 5,212 could shift the short-term bias bearish, with downside potential extending toward 5,118 and 5,112. A confirmed bounce from 5,212, however, could provide the foundation for a breakout toward 5,404 and higher.
Related News
- GOLD Price Analysis – April 18, 2025
S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- S&P 500 holds key support at 5,211, eyeing breakout above 5,345.
- RSI stabilizing near 50 suggests momentum reset.
- Watch 5,433 as crucial trend resistance to reclaim.
The S&P 500 is attempting to stabilize after its recent selloff, now consolidating around 5,268. A modest bounce from the 5,200 zone has brought the index back into a key technical confluence near the descending trendline and the 50-period SMA at 5,433. This area is critical, as it marks a cluster of resistance from both a structural and moving average standpoint.
The index remains range-bound between 5,208 and 5,345, with short-term buyers showing interest above 5,211 support. The RSI at 49.76 reflects a neutral momentum tone, suggesting potential for either a breakout or more consolidation.
A sustained move above 5,345 would expose the next key resistance at 5,400, while a failure to clear this level could see the index revisiting 5,211 and possibly 5,108.
Price structure suggests a higher low is forming near 5,200, with the broader uptrend still technically intact as long as the ascending trendline holds. The 50 SMA, currently at 5,433, will act as a key barrier for bulls to reclaim in order to shift sentiment more decisively upward.
S&P 500 - Trade Ideas
Entry Price – Buy Above 5208
Take Profit – 5400
Stop Loss – 5108
Risk to Reward – 1: 1.9
Profit & Loss Per Standard Lot = +$1920/ -$1000
Profit & Loss Per Mini Lot = +$192/ -$100
S&P500 (SPX) Price Analysis – April 11, 2025
Daily Price Outlook
The S&P 500 Index extended its losses and fell sharply to the 5,268 level during early US trading hours on Friday, as fears over an escalating US-China trade war rattled investor sentiment. The sell-off intensified after both Washington and Beijing introduced fresh tariff hikes, stoking fears of a broader economic slowdown.
S&P 500 Hit by US Tariff Surge and China’s Retaliation
The decline in the S&P 500 came shortly after the White House confirmed a cumulative 145% tariff on Chinese imports, with the new round including a 125% hike on top of the existing 20% duty. In retaliation, China’s Finance Ministry announced it would raise tariffs on US goods from 84% to 125%, effective Saturday, April 12.
This tit-for-tat action between the two largest economies has triggered a wave of risk aversion, sending equities lower while safe-haven assets like Gold rallied. The US Dollar also weakened significantly, with the US Dollar Index (DXY) falling to a three-year low below 99.50, as markets feared the worsening trade war would weigh on economic growth.
S&P 500 Under Pressure from Fed Cut Bets and Weak US Inflation
Adding to the bearish pressure on equities, soft US inflation data has further raised expectations of aggressive rate cuts from the Federal Reserve. The US Consumer Price Index (CPI) eased to 2.4% year-over-year in March, missing forecasts of 2.6%, while core CPI rose just 2.8%, below the expected 3.0%. The monthly CPI even posted a surprise 0.1% drop.
As a result, market participants are now pricing in up to 100 basis points of Fed rate cuts by year-end, with the first move potentially arriving as early as June. The dovish outlook has added to concerns over slowing economic momentum and pressured the S&P 500 even further.
Minutes from the latest FOMC meeting signaled that Fed policymakers are facing a difficult balancing act between tackling inflation and supporting growth — a dynamic that adds uncertainty to the market outlook.
Global Trade Risks and Weak China Data Amplify S&P 500 Declines
- GOLD Price Analysis – April 11, 2025
- EURUSD Price Analysis – April 11, 2025
- S&P500 (SPX) Price Analysis – April 04, 2025
Meanwhile, global growth worries were compounded by disappointing inflation data from China. The country’s CPI dropped 0.1% in March, while PPI contracted by 2.5% annually — both worse than expected. These figures reflect cooling demand in the world’s second-largest economy, further weighing on risk assets like US equities.
Although President Trump announced a 90-day pause on higher tariffs for countries other than China in a bid to ease trade tensions, the gesture did little to soothe investor concerns, as the escalating standoff with Beijing remains the dominant risk factor.
Looking ahead, market focus now shifts to the upcoming US March Producer Price Index (PPI) and Michigan Consumer Sentiment data. However, unless trade tensions ease, the S&P 500 may continue to face downside pressure in the sessions ahead.
S&P 500 – Technical Analysis
The S&P 500 is attempting to stabilize after its recent selloff, now consolidating around 5,268. A modest bounce from the 5,200 zone has brought the index back into a key technical confluence near the descending trendline and the 50-period SMA at 5,433.
This area is critical, as it marks a cluster of resistance from both a structural and moving average standpoint.
The index remains range-bound between 5,208 and 5,345, with short-term buyers showing interest above 5,211 support. The RSI at 49.76 reflects a neutral momentum tone, suggesting potential for either a breakout or more consolidation.
A sustained move above 5,345 would expose the next key resistance at 5,400, while a failure to clear this level could see the index revisiting 5,211 and possibly 5,108.
Price structure suggests a higher low is forming near 5,200, with the broader uptrend still technically intact as long as the ascending trendline holds. The 50 SMA, currently at 5,433, will act as a key barrier for bulls to reclaim in order to shift sentiment more decisively upward.
Related News
- GOLD Price Analysis – April 11, 2025
S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- SPX trades below 5,494, reinforcing bearish sentiment.
- RSI indicates oversold conditions but no rebound yet.
- Bearish setup targets 5,291 with resistance near 5,640.
The S&P 500 is extending its corrective decline, slipping 0.86% to trade near 5,396.51 following a rejection below 5,640 resistance and a firm breakdown beneath the 5,494 pivot.
The price action has carved out a clear descending channel, with the index now approaching key support at 5,341.70. A breach below this level would expose the next bearish target at 5,291, reinforcing a negative technical bias in the short term.
Adding to the cautious tone is the RSI, currently hovering at 29.56—deep in oversold territory, but not yet signaling a reversal. The index continues to trade well below the 50-period SMA at 5,675, a level that also aligns with the upper bound of the descending trendline. Any bounce from current levels is likely to face strong resistance at 5,494 and then 5,640.
The broader structure suggests the market remains vulnerable to further downside, particularly if macroeconomic risks persist or if investors react negatively to upcoming job or inflation data. A bearish setup remains valid as long as SPX stays below 5,492, with a downside target at 5,291 and a stop loss at 5,641.
S&P 500 - Trade Ideas
Entry Price – Sell Below 5492
Take Profit – 5291
Stop Loss – 5641
Risk to Reward – 1: 1.3
Profit & Loss Per Standard Lot = +$2010/ -$1490
Profit & Loss Per Mini Lot = +$201/ -$149
S&P500 (SPX) Price Analysis – April 04, 2025
Daily Price Outlook
The S&P 500 (SPX) took a significant hit recently, dropping to 5,396 and reaching an intra-day low of 5,390. This sharp decline was largely driven by the rising tension between the US and China. US President Donald Trump announced new tariffs of at least 10% on all imported goods, which included a hefty 54% on Chinese products.
In response, China’s Commerce Ministry made it clear that they would take strong countermeasures to defend their interests. This exchange of tariffs has only added to the uncertainty, with worries growing about the future of the global economy.
Market Sentiment and Economic Outlook: Impact of Trade Tensions, Fed Expectations, and Labor Market Data
The global market sentiment has been flashing red, as evidenced by the bearish performance of the S&P 500 and other equity markets.
Trump’s new tariffs have raised concerns about a potential slowdown in global economic growth, with many investors now fearing a possible US recession. This uncertainty has spread across global markets, causing widespread losses.
The S&P 500 has been especially affected, as the trade tensions undermine investor confidence. There’s growing worry that a prolonged trade war could derail recovery efforts in key economies, making it a tough time for markets to stay positive.
On the US front, the broad-based US dollar (USD) has struggled to gain momentum, despite a slight bounce. Traders are increasingly expecting the Federal Reserve to cut interest rates again soon, especially with concerns about the economic slowdown fueled by Trump’s tariffs.
The potential for stagflation—a mix of rising inflation and slow economic growth—is adding to worries. This fear that the US economy could face such a scenario is putting more pressure on the broader equity markets, including the S&P 500, making investors cautious about the future.
According to the CME FedWatch tool, traders are now expecting the Federal Reserve to cut interest rates in its upcoming June meeting, as concerns about the US economy grow.
The likelihood of the Fed keeping rates steady has dropped sharply, from 81.5% last week to just 65.8%. This shift in expectations comes after President Trump’s tariff announcement, which has added more uncertainty and fueled market pessimism.
Economists are looking to the upcoming US Nonfarm Payrolls (NFP) report for insights into the health of the labor market.
However, the data likely won't change market expectations unless there is a big shift in hiring or inflation. The unemployment rate is expected to stay at 4.1%, but wage growth is predicted to slow, offering little help to the Fed’s decision-making process.
S&P 500 – Technical Analysis
The S&P 500 is extending its corrective decline, slipping 0.86% to trade near 5,396.51 following a rejection below 5,640 resistance and a firm breakdown beneath the 5,494 pivot.
The price action has carved out a clear descending channel, with the index now approaching key support at 5,341.70. A breach below this level would expose the next bearish target at 5,291, reinforcing a negative technical bias in the short term.
Adding to the cautious tone is the RSI, currently hovering at 29.56—deep in oversold territory, but not yet signaling a reversal. The index continues to trade well below the 50-period SMA at 5,675, a level that also aligns with the upper bound of the descending trendline. Any bounce from current levels is likely to face strong resistance at 5,494 and then 5,640.
The broader structure suggests the market remains vulnerable to further downside, particularly if macroeconomic risks persist or if investors react negatively to upcoming job or inflation data. A bearish setup remains valid as long as SPX stays below 5,492, with a downside target at 5,291 and a stop loss at 5,641.
Related News
- GOLD Price Analysis – April 04, 2025